
Introduction:
Standard of Comparison:
• Standards of comparison are essential as they enable performance measurement against predetermined benchmarks that can help in evaluation of key metrics and performance measures.
• These standards often enable comparison with oneself i.e. evaluation of present performance as compared to past performance, enable comparison with others i.e. evaluation of one’s performance against that of competitors etc.
• These standards are required if a company wants to evaluate, measure and correct the performance and survive in the ever changing rapidly evolving business environment.
To Identify:
Which standard of comparison is best described by the given alternatives.

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Chapter 17 Solutions
Connect Access Card for Fundamental Accounting Principles
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