With appropriate referencing and elaborate explanation, write a minimum of 1,200+ words to explain ''Long Term Asset under the following sub-heading:

Identify and distinguish between various types of long-term assets.

Describe the valuation methods for property, plant, and equipment, including identifying costs that are usually capitalized.

Explain why property, plant, and equipment assets are depreciated.

Significance of Long-term Asset

Cost Model

Revaluation Model

Depreciation, Depreciation method

Straight-line method

Unit of Production method

Diminishing Balance method

Accelerated depreciation method

Double diminishing Balance

Reading Depreciation Expense

Corporate Income Tax

Impairment

Intangible Asset types

Goodwill,

Amortization