In Making a Decision About the Merits of a Particular

question 70

True/False

In making a decision about the merits of a particular grievance, the arbitrator's role is to set aside his own personal beliefs and simply interpret and apply the contract as it was written by the parties.

---

Definitions:

Residual Value

The approximate worth of an asset when it reaches the end of its usable life.

Depreciable Cost

This refers to the total cost of an asset that is subject to depreciation over its useful life, including the purchase price and any additional costs necessary to make the asset usable.

Journal Entry

A record of a transaction in the general journal, indicating the accounts and amounts to be debited and credited.

Hours

A measure of time spent performing tasks or activities, often used in work, scheduling, and billing contexts.