Dedication of land, also known as conveyance, is the practice of a private landowner granting a piece of land to the public, typically represented by a governmental entity, which accepts ownership. This is often done to promote goodwill or fulfill legal requirements.
Impounding refers to the legal process of seizing and retaining merchandise, funds, or records by an officer of the law. It generally aims to secure the items in question as evidence, prevent their misuse, or ensure compliance with legal procedures.
Mediation is a voluntary and structured process whereby a neutral third party helps disputing parties to communicate and negotiate to reach a mutually acceptable resolution.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.