Types of Long-term Assets

Long-term assets are assets that are used in the operation of business, are not intended for resale, and have a useful life of more than one year. Long-term assets are either tangible or intangible. In the former category are land, plant assets, and natural resources. In the latter are trademarks, patents, franchises, goodwill, and other rights. The accounting issues associated with long-term assets relate to the decision to acquire the assets, the means of financing the assets, and the methods of accounting for the assets.

• Asset Impairment
• Carrying Value
• Depletion
• Tangible Assets