Arbitration Is Always Legally Binding

question 47

True/False

Arbitration is always legally binding.

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Definitions:

Credit

Refers to the provision of goods or services with the expectation of future payment, or an accounting entry that increases liabilities or decreases assets.

Asset Accounts

Accounts on a balance sheet representing owned resources expected to provide future economic benefits.

Expense Accounts

Accounts used to record all expenditures incurred by a business during an accounting period, excluding costs of goods sold.

Debits

An accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet or in an expense on the income statement.