Examlex
Local 304 and Kar Manufacturing Inc have just implemented a new collective agreement, but there is already trouble. Local 304 allowed a specific provision addressing retroactivity of wage increases to be dropped because there were other more pressing issues to discuss. The agreement is silent on retroactivity and now Kar management does not intend to institute the agreed upon wage increase retroactively. Which of the following is the correct principle to be used by the arbitrator in resolving the union's grievance?
Petty Cash
A small amount of cash on hand used for paying expenses too small to merit writing a check or using a credit card.
Account Type
A classification that dictates the nature and purpose of an account, such as assets, liabilities, equity, revenue, or expenses.
Normal Balance
The side (debit or credit) of an account that is expected to have a higher balance, depending on the account type.
Internal Control
Systems and processes implemented by a company to ensure integrity of financial and accounting information, promote accountability, and prevent fraud.
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