Taylor Company purchased a machine and plans to depreciate it over its estimated useful life of 10 years. Over the next four years, the machine was used more extensively than originally estimated, so Taylor revised the useful life estimate to a total of 8 years. This change should be accounted for as a: Multiple Choice Change in accounting principle, with a retrospective approach. Change in accounting estimate, with a retrospective approach. Material accounting error, with an adjustment to retained earnings and disclosure note. Change in accounting estimate, with a prospective approach.

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The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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