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In this video, we're sharing an overview of long-lived assets, both tangible and intangible, and their accounting treatment. We'll define long-lived tangible assets (such as land, buildings, and equipment) and long-lived intangible assets (such as patents and trademarks), learn how how companies determine whether expenditures qualify as assets or expenses, and demonstrate their proper accounting. Watch the whole Financial Accounting playlist: • Financial Accounting About Chegg: Chegg is a leading education technology company that provides students with affordable and accessible study resources. Chegg's mission is to help students save time, save money and get smarter. Subscribe: / @chegg TikTok: / chegg Instagram: / chegg Twitter: / chegg 00:00 Intro 00:32 Overview of long-lived assets 00:46 The difference between tangible and intangible assets 01:34 Accounting for long-lived assets 04:35 Common mistakes 05:42 Example