A Lay Witness Is Only Allowed to Testify About Events

question 25

True/False

A lay witness is only allowed to testify about events he/she personally observed with the five senses.

---

Definitions:

Inventory

The items a business holds for the main purpose of resale or the raw materials used to produce goods for sale.

Management Fees

Fees charged by managers for the operation, management, or administration of a property, fund, or project.

Consolidated Financial Statements

Consolidated financial statements present the financial position and results of operations for a parent company and its subsidiaries as if they were a single economic entity.

Elimination

In accounting, refers to the removal of intercompany transactions to avoid double counting when consolidating financial statements.