Which of the following is considered a current asset?

Current assets are resources that a company expects to convert into cash or use up within one year or within its operating cycle, whichever is longer. Inventory falls under this definition as it represents goods that are available for sale and are expected to generate revenue in the short term. Companies regularly buy and sell inventory as part of their operations, making it an essential asset for maintaining business liquidity.

Land, while valuable, is classified as a long-term asset because it is not intended to be converted into cash or used up within a year. Accounts payable are liabilities, representing obligations the company needs to pay off in the short term, thus they do not qualify as assets. Common stock represents equity, which is the ownership interest in the company, and although it is important for assessing the financial health of a business, it is not classified as a current asset.

Therefore, inventory is the correct answer as it aligns with the definition of a current asset in accounting.