Arbitration and Mediation Are Alike in That Both Involve an Impartial

question 245

True/False

Arbitration and mediation are alike in that both involve an impartial third party to help in the negotiation process. The differences in these two approaches is that an arbitrator's decision is binding and both parties agree to this on the front end; a mediator encourages the two conflicting parties to continue to negotiate and may make suggestions in pursuit of a resolution.

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Definitions:

Sales Journal

A special journal that records all sales of merchandise on account.

General Ledger

The primary accounting record of a company that uses double-entry bookkeeping, containing all the financial accounts and transactions.

Reference Column

An additional column in financial documents used to include explanatory notes or cross-references.

Manual Accounting Systems

Traditional methods of maintaining financial records and calculations by hand or using basic software, without automated processes.