Long-Term Assets (Plant Assets) - Financial Accounting

The video tutorial explains the concept of long-term assets, specifically plant assets, which are tangible assets used in a company's operations for multiple years. It covers the synonymous terms for plant assets, such as fixed assets and PPE, and provides examples like buildings, cars, and land. The tutorial also outlines how these assets are handled, costed, and expensed in accounting.

What is the significance of the useful life of an asset in accounting?

Discuss how plant assets are handled in terms of costing and expensing.