A Lay Witness Differs from an Expert Witness in That

question 37

Multiple Choice

A lay witness differs from an expert witness in that:

• A) An expert witness must qualify as an expert in order to testify whereas a lay person only needs to observe an event.
• B) An expert witness provides testimony to explain things that the jury otherwise could not understand whereas a lay witness's testimony is limited to what he or she witnessed with one of his or her senses.
• C) An expert witness's testimony is based on scientific, technical, or other specialized knowledge whereas a lay person's testimony is based on information obtained for one of his or her five senses.
• D) All of the above are correct.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is globally accepted for financial reporting.

Long-term Debt

Borrowings of a company not due for repayment within the next 12 months, typically in the form of loans or bonds.

Operating Segment

A component of an enterprise engaged in business activities from which it may earn revenues and incur expenses, often reported separately in financial statements.

Entity-wide Disclosures

Detailed information provided in a company's financial statements that covers aspects of the company's operations, financial results, and risks across all segments and geographical areas.