Which of the Following Statements Is True About Arbitration

question 63

Multiple Choice

Which of the following statements is true about arbitration?

• A) Arbitration is less efficient than litigation.
• B) An official record of the arbitration hearing is always made to check for discrepancies.
• C) An arbitrator can question the witness for information.
• D) A legal counsel is required in arbitration.

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Definitions:

Credit Sales

Sales made by a business where the payment is to be received at a later date, extending credit to customers.

Accounts Receivable

Money owed to a business by its clients or customers for goods or services that have been delivered but not yet paid for.

Allowance for Doubtful Accounts

A contra-asset account used to estimate the portion of a company's receivables that might not be collected, reducing the total value of accounts receivable by a corresponding amount.

Credit Sales

Sales made on credit, meaning payment is to be received after the delivery of goods or services.