BENCHMARK Definition

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BENCHMARK is a study to compare actual performance to a standard of typical competence; or, a standard for the basis of comparison as being above, below or comparable to.

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DOWN PAYMENT is a partial payment made at the time of purchase; the balance to be paid later as stipulated by contract; written or oral.

RELEVANCE CONCEPT refers to the capacity of accounting information to make a difference to the external decision makers who use financial reports.

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