In a Time Series,economic Periods of Prosperity Followed by Recession

question 56

Multiple Choice

In a time series,economic periods of prosperity followed by recession are described as a(n) ________.

• A)secular trend
• B)seasonal variation
• C)cyclical variation
• D)erratic variation

---

Definitions:

Depreciation

An accounting method of allocating the cost of a tangible asset over its useful life to account for declines in value over time.

Plant Assets

Durable physical assets employed in the running of a business, designed for long-term use and not for being sold off.

Accrued Expenses

Expenses that have been incurred but not yet paid or recorded in the company's financial statements.

Accrued Revenues

Revenues that have been earned but not yet received in cash or recorded at the statement date, common in service-related transactions.