Which of the following describes current assets?

Current assets are defined as assets that a company expects to convert into cash or use within one year. This classification generally includes items such as cash, accounts receivable, inventory, and short-term investments. The key characteristic that categorizes these assets as "current" is their liquidity and the expectation that they will be utilized or liquidated in the near term, typically within a single operating cycle.

The other options do not align with this definition. For instance, assets that are illiquid and secured by physical property refer more to long-term or non-current assets, which typically include fixed assets and properties that are not expected to be converted into cash quickly. Long-term investments and intangible assets clearly fall outside the one-year timeframe and thus do not qualify as current assets. Lastly, assets that remain consistent over multiple periods suggest stability and could refer to fixed or long-term assets, which do not change significantly from period to period, contrasting with the more dynamic nature of current assets that regularly fluctuate as they are converted to cash or consumed in operations.