Which of the following is classified as current assets?

Current assets are defined as assets that are expected to be converted into cash or consumed within one year or within the operating cycle of the business, whichever is longer. This classification is essential for understanding a company's liquidity.

Marketable securities and cash are perfect examples of current assets because they are readily available for use in the short term. Marketable securities are financial instruments that can be quickly converted into cash, often within days, which aligns with the definition of current assets. Similarly, cash itself is the most liquid asset a company can hold.

The other options provided do not meet the criteria for classification as current assets. Land and buildings are categorized as long-term or fixed assets since they are intended for long-term use. Patents and trademarks are intangible assets with a longer lifespan that do not convert to cash quickly. Long-term investments are also not current assets because they are not expected to be liquidated within the year. Thus, the correct option clearly aligns with the definition and characteristics of current assets, making it the most appropriate choice.