Explain the Difference Between an Expert Witness and a Lay

question 22

Essay

Explain the difference between an expert witness and a lay witness. Explain the situations in which each type of witness may be used.

Identify cost drivers and their role in cost behavior.

Understand the definitions and behaviors of direct and indirect costs, as well as committed and discretionary fixed costs.

Distinguish between the concepts of gross margin, contribution margin, and net income.

Learn how cost behavior analysis helps to predict changes in costs over different levels of activity.