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lawsuit payable

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

A liability account that reports the amount payable as of the balance sheet date. For the account to show a balance, a loss/obligation must be probable and the amount can be estimated. If the lawsuit is remote or only possible, it will not be shown as a liability. If the lawsuit is possible but not probable, it should be disclosed in the notes.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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