All of the following are considered cash equivalents except:Multiple ChoiceMarketable securities.Money market funds.Commercial paper.Treasury bills.

The correct answer is: Marketable securities.

Here's why:

1. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

2. Money market funds, commercial paper, and treasury bills are all considered cash equivalents because they can be converted into cash very quickly, usually within 90 days, and they have a low risk of change in value.

3. Marketable securities, on the other hand, can include both short-term and long-term investments, depending on the company's intent and the market's condition. They can be equity or debt securities, and they may not necessarily be liquid or carry low risk. Therefore, they are not always considered cash equivalents.