Which of the following would notbe included with the cash and cash equivalents on the balance sheet?
a. commercial paper
b. short-term receivables
c. certificates of deposit
d. money market mutual funds
Question 2
Miss Happ of Ace Electronics forgot to make the adjusting entry for prepaid insurance that expired during the accounting period. As a result of this mistake ________.
A) total liabilities are too low
B) net income is too high
C) net income is too low
D) shareholders' equity is too low
