Answer:
The correct answer is letter "D": It documents in detail the work that must be completed for a particular object, and includes specifics such as tasks, deliverables, standards, payment schedule, and work timeline.
Explanation:
A statement of work is a document used to describe step-by-step the activities that will be carried out in a project or particular task. This type of document establishes also the timeframe in which each activity should be performed, the deliverables for a vendor, payments, and quality standards that the task must fulfill. Even if the document has a lot of details, only specific information must be written in it.
Answer:
$584,000
Explanation:
Calculation for the amount of pension liability that should be reported
Projected benefit obligation $2,561,000
Less Plan assets at fair value 1,977,000
Pension liability $584,000
Therefore the Pension liability balance at December 31, 2017 will be $584,000
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Answer:
Debit legal expense/penalties (p/l) $900,000
Credit Provisions (B/s) $900,000
Explanation:
According to IAS 37 Provisions, contingent liabilities and contingent assets, a provision is to be recorded where there is a present obligation as a result of a past event and the outflow of economic benefits to satisfy the obligation is probable.
Hence if it is probable that Scorcese will be liable for $900,000 as a result of this suit, a provision is needed and will be recorded by;
Debit legal expense/penalties (p/l) $900,000
Credit Provisions (B/s) $900,000
