Which of the following best describes consumable assets?

Consumable assets refer to items that can be utilized or consumed in the production of goods and services, or in a business's operation, and are usually characterized by their physical nature and the fact that they are typically used up over time.

Commodities best fit this definition, as they are raw materials or primary agricultural products that can be bought and sold, and involve physical goods like oil, gold, and agricultural products. These assets are directly consumed in the manufacturing process or in commerce.

In contrast, real estate properties are considered fixed assets rather than consumable assets, as they generally provide long-term utility and do not get consumed in the same way. Financial securities represent ownership in a company or a claim on assets and earnings, which is more abstract compared to physical consumption. Cash and cash equivalents provide liquidity and facilitate transactions but do not themselves represent consumable goods or services. Thus, commodities stand out as the best representation of consumable assets due to their tangible and consumable characteristics.