What is long-term assets?

Long-term assets, also known as non-current assets, are resources owned by a company that are expected to provide economic benefits over a period longer than one year. They include tangible assets like property, plant, and equipment, as well as intangible assets such as patents and trademarks. These assets are crucial for a company's operations and growth, as they are used to generate revenue over time. Long-term assets are recorded on the balance sheet and typically depreciated or amortized over their useful lives.