Items that have a useful life of more than one year and used in the business

They are non-current assets

Explanation:

Items that have a useful life of more than one year and used in the business are non-current assets.

Non-current assets

Non-current assets are assets which represent a longer-term investment and cannot be converted into cash quickly. They are likely to be held by a company for more than a year. They appear in the assets section of balance sheet.

Non-current assets include the following:

Land Building Property, plant and equipment Machinery Fixture and fittings

These are different from current assets.

Current assets:

Current assets represent all the assets of a company that are expected to be conveniently sold, consumed, utilized or exhausted through the standard business operations, which can lead to their conversion to a cash value over the next one year period. Since current assets is a standard item appearing in the balance sheet, the time horizon represents one year from the date shown in the heading of the company's balance sheet.

Examples of current assets include

Cash, Cash equivalents, Accounts receivable, Stock inventory, Marketable securities, Pre-paid liabilities, and other liquid assets.

In a few jurisdictions, the term is also known as current accounts.