What are the differences between fixed assets and other assets in terms of their characteristics and accounting treatment?

Fixed assets are long-term assets that are used in the operations of a business, such as buildings and equipment, while other assets are typically short-term assets like cash and inventory. Fixed assets have a physical form and are not easily converted to cash, while other assets are more liquid. In terms of accounting treatment, fixed assets are recorded on the balance sheet at their historical cost and depreciated over their useful life, while other assets are typically recorded at their current market value.