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.

---

Definitions:

Semiannual

Semiannual refers to something that happens twice a year or every six months.

Discount on Bonds Payable

The variance between a bond's nominal value and the lesser amount it is sold for in the market.

Long-Term Liabilities

Debts or obligations of a business that are due for repayment in a period longer than one year.

Installment Note

A loan that requires regular payments, or installments, over a period, which covers both principal and interest.