Fixed assets are long-term tangible assets that are acquired by a business for the purpose of using them in its operations over an extended period of time. These assets are not intended for resale to earn a profit, unlike current assets which are typically held for short-term gain. Depreciation, which is the allocation of the cost of an asset over its useful life, is charged on most fixed assets to reflect their gradual wear and tear or obsolescence.

However, the statement that fixed assets can easily be converted into cash is not true. Fixed assets are generally not easily convertible to cash because they are not acquired with the intention of selling them in the near future. Instead, they are used by the business to generate revenue and support its operations.

Explanation of the answer:

Fixed assets are acquired for use in business operations:
- Fixed assets are essential for the smooth functioning of a business. They include property, plant, and equipment such as buildings, machinery, vehicles, and furniture. These assets are used to produce goods or services or facilitate the production process.

Fixed assets are not meant for resale:
- Unlike current assets such as inventory or accounts receivable, fixed assets are not held for the purpose of resale. They are not inventory that a business plans to sell to generate revenue. Instead, fixed assets are used in the production or delivery of goods and services.

Depreciation is charged on most fixed assets:
- Depreciation is a systematic allocation of the cost of an asset over its useful life. It reflects the wear and tear or obsolescence of the asset. Most fixed assets, except for land, are subject to depreciation. By charging depreciation, a business recognizes the consumption of the asset's value over time and ensures that its financial statements reflect the true cost of using the asset.

Fixed assets are not easily converted into cash:
- Unlike current assets such as cash, accounts receivable, or short-term investments, fixed assets are not easily converted into cash. Fixed assets are long-term investments that are not intended for immediate sale. They are held by the business for the purpose of using them in its operations, not for generating immediate cash flow.

In conclusion, fixed assets are long-term tangible assets that are acquired for use in business operations and are not meant for resale. Depreciation is charged on most fixed assets to reflect their gradual consumption. However, fixed assets are not easily convertible into cash as they are not acquired with the intention of selling them in the near future.