Elmhurst corporation is considering changes to its responsibility accounting system. which of the following statements is/are correct for a responsibility accounting system? i. in a cost center, managers are responsible for controlling costs but not revenue. ii. the idea behind responsibility accounting is that a manager should be held responsible for those items that the manager can control to a significant extent. iii. to be effective, a good responsibility accounting system must managers to plan and to control. iv. costs that are allocated to a responsibility center are normally controllable by the responsibility center manager. 1. ii and iii only are correct 2. i, ii, and iii are correct 3. i and ii only are correct 4. i, ii and iv are correct

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.

Ithink the answer is did a.