What type of assets are expected to provide future economic benefits for a number of years?

Long-term assets are those that are expected to provide economic benefits over an extended period, typically longer than one year. These assets can include property, buildings, machinery, and other investments that a company intends to use across multiple accounting periods to generate revenue. The rationale behind classifying assets as long-term is based on their longevity and the role they play in a company's operations, as they are crucial for providing stability and support for the company's ongoing business activities.

Current assets, on the other hand, are intended to be converted into cash or used up within a single year, which does not align with the timeframe associated with long-term assets. Intangible assets, such as patents or trademarks, while also long-term, are a subset of long-term assets and focus specifically on non-physical attributes. Fixed assets essentially refer to tangible long-term assets but may not encompass all long-term assets, particularly those that are intangible. Thus, the classification of long-term assets broadly captures those that offer utility and potential revenue generation over multiple years.