From Where Do Arbitrators Obtain Authority to Award Remedies? Identify

question 7

Essay

From where do arbitrators obtain authority to award remedies? Identify and describe three important remedies that arbitrators can award in labour disputes.

---

Definitions:

Liability Accounts

Accounts on a balance sheet that represent obligations or debts of a company that are expected to be paid in the future.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset since it was put into use, reflecting its decline in value over time.

Permanent Account

Financial accounts that are not closed at the end of an accounting period and whose balances are carried forward to the next period.

Post-closing Trial Balance

A financial statement prepared after closing entries are made, listing all the account balances to check the equality of debits and credits.