Many Characteristics Associated with the Use of the Court Process

question 115

Multiple Choice

Many characteristics associated with the use of the court process may be considered advantages or disadvantages when compared to alternate dispute resolution.Which of the following is a favourable characteristic one would associate with the litigation process?

• A)It is a less costly method of obtaining a resolution to a dispute.
• B)It is a method of dispute resolution where both parties are more likely to be satisfied with the outcome.
• C)Confidentiality is protected.
• D)It is a speedier method of obtaining resolution of a dispute.
• E)Enforcement of the decision is more likely.

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Definitions:

Accounts Receivable

Money owed to a company by customers for products or services that have been delivered or used, but not yet paid for.

Long-term Liabilities

Debts or obligations that are due beyond the next twelve months.

Correcting Entries

Adjustments made in the accounting records to rectify mistakes made in previous financial transactions or entries.

Post-closing Trial Balance

A list of all accounts and their balances after closing entries are made, used to verify the equality of debits and credits.