Garnishment Is

question 38

Multiple Choice

Garnishment is

• A) a prejudgment remedy only.
• B) a postjudgment remedy only.
• C) both a prejudgment and postjudgment remedy.
• D) the same as attachment.

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Definitions:

Value In Use

The value today of the cash flows that are expected to come from an asset or a revenue-producing entity in the future.

Impairment Loss

A reduction in the recoverable value of an asset below its carrying amount on the balance sheet, recognized as a loss.

Recoverable Amount

The higher value between an asset's fair value minus costs of disposal and its value in use.

Carrying Amount

The amount at which an asset or liability is recognized on the balance sheet after deducting any accumulated depreciation, amortization, or impairment.