Industry standards for financial statement analysis:

A) Are based on a company's prior performance.
B) Are set by the government.
C) Are set by the financial performance and condition of the company's industry.
D) Are based on rules of thumb.
E) Compare a company's income with the prior year's income.

Industry standards for financial statement analysis are set by the financial performance and condition of the company's industry. These standards are used to compare a company's financial performance to its peers in the same industry. It provides an understanding of how the company is performing in comparison to its competitors and the industry as a whole.