Prior Inconsistent Statements Are Admissible to Impeach and Prior Consistent

question 3

Essay

Prior inconsistent statements are admissible to impeach and prior consistent statements can be used to rehabilitate a witness who has been impeached.Discuss the benefit of using these statements at trial versus the confusion they may cause the jurors.

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Definitions:

Step-fixed Costs

Expenses that remain constant over a range of production but can change when production exceeds certain levels.

Inflationary Price Increase

A rise in prices across the board that is often attributed to an increase in the money supply or demand outpacing supply.

Absorption Costing

An accounting method that includes all manufacturing costs (direct materials, direct labor, and both variable and fixed overhead) in the cost of a product.

Variable Costs

Additional costs incurred when unit production increases. Variable costs per unit usually are assumed not to vary with volume.