A Key Difference Between a Mediator and an Arbitrator Is

question 36

Multiple Choice

A key difference between a mediator and an arbitrator is that:

• A)a mediator is appointed by labour and management,while an arbitrator is appointed by the federal government under terms set forth in the Taft-Hartley Act.
• B)a mediator is an unpaid volunteer,while an arbitrator is a paid professional.
• C)an arbitrator can settle a labour-management dispute by rendering a binding decision,while a mediator can only make suggestions and encourage the two sides in a dispute to continue negotiating.
• D)a mediator is a lawyer who represents either labour or management in a labour dispute,while an arbitrator is an impartial advisor who listens to both sides of the dispute and offers suggestions that help the two parties reach a mutually acceptable agreement.

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Definitions:

Journalize

The process of recording transactions and events in the accounting journals as part of the accounting cycle.

IFRS

International Financial Reporting Standards; a set of accounting standards developed by the International Accounting Standards Board (IASB) that serve as a global framework for financial reporting.

GAAP

The conventional framework of guidelines known as Generally Accepted Accounting Principles is applied for financial accounting within a specific legal territory.

Financial Liabilities

Obligations or debts a company owes to others, which must be paid back, often including loans, bonds payable, and accounts payable.