Question: A variance can best be described as: a. Benchmarks common to other firms in the same industry. b. Differences between planned results and actual results.

A variance can best be described as:

a. Benchmarks common to other firms in the same industry.
b. Differences between planned results and actual results.
c. Useful for performance evaluations but not making decisions.
d. Generally accepted accouting principles when standards are used.

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