Some liabilities that will be paid within a year are reported as long-term liabilities. Investments in bonds, common stock, long-term notes. Most PPE are depreciable or consumable. Land is not depreciated. Long-lived costly tools are usually included in this category.
Small tools are frequently expenses when purchased or are included as inventoriable current assets.
In practice, disclose a detailed classification of property, plant, and equipment in a supplementary schedule rather than on the face of the balance sheet. Intangible assets - resources that lack physical substance but provide economic rights and advantages. Patents, franchises, copyrights, goodwill, trademarks, and organization costs. High degree of uncertainty exists regarding realizability of future benefits. Other assets - a special classification for unusual items that cannot be included in one of the other asset categories.