Waldman Associates received a written, approved contract to deliver economic consulting ser vices, with service and payment commencing in one month. The cont specifies the services that Waldman is to perform, and the payment terms. Waldman th e customer both can cancel the contract without penalty prior to commencing Does W aldman have a contract for purposes of revenue recognition on the day the contract received? A) Yes, because Waldman has a written approved contract.
B) No, because Waldman and the customer can cancel without penalty and neither has performed an obligation under the contract.
C) Maybe, depending on whether Waldman can estimate collectability of the receivable.
D) There is insufficient data on which to base an answer.

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.