QUESTION 11 Loss contingencies must be recorded if O the future event is remote. O the future event is probable and can be reasonably estimated. the future event is reasonably possible. O the amount owed cannot be reasonably estimated. QUESTION 12 Accumulated Depreciation would be classified as what type of account? O expense account O revenue account O contra-account O liability account QUESTION 13 All of the following are reported as current liabilities EXCEPT: Wages payable Bonds payable Accounts payable Unearned Revenue