Virtually all managerial accounting practices were developed to assist managers in maximizing profits.

Question

Quizplus · Accepted Answer

The main purpose of managerial accounting practices is to provide managers with relevant information that can be used to improve business operations and decision-making. Maximizing profits is often a goal of these practices, but it is not the sole purpose. Other important objectives include cost control, performance evaluation, budgeting and forecasting, and strategic planning.

Virtually All Managerial Accounting Practices Were Developed to Assist Managers