Which of the following best describes tangible property?

Tangible property refers to physical items that have a measurable, physical presence. This includes items that one can touch and see, such as furniture, machinery, vehicles, and equipment. These assets can be valued and accounted for in financial records due to their concrete nature.

The other options describe types of assets that lack physical form. For instance, non-physical assets and ideas, mentioned in the first option, relate to intangible property like trademarks or patents. Intellectual rights to inventions are also considered intangible, as they do not exist physically but represent ownership of ideas or creations. Finally, software and digital products, while they may function in a physical context, are categorized as intangible due to their nature as non-physical goods that exist in a digital format.

Thus, the correct answer accurately encapsulates the definition of tangible property as physical items that can be characterized by their form and presence in the material world.