Long-term assets are resources owned by a business that are expected to provide value over a period longer than one year. These assets can include physical items like buildings, machinery, and vehicles, as well as intangible items such as patents and trademarks. They are essential for a company's operations and growth. Businesses typically invest in long-term assets to enhance their productivity and efficiency. Unlike short-term assets, which are quickly converted to cash, long-term assets are used over time to generate revenue. Proper management of these assets is crucial for maintaining financial health and achieving strategic goals.