The Only Way to Maximize Profits Is to Reduce Costs

question 96

True/False

The only way to maximize profits is to reduce costs by operating more efficiently.

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Definitions:

Accumulated Depreciation

Accumulated depreciation represents the total depreciation expense that has been recorded against a fixed asset from the time it was acquired until the present day.

Current Year

The period of time from January 1 to December 31 of the present calendar year.

Depreciation Expense

The distribution of a tangible asset's cost throughout its lifespan.

Operating Activities

Business activities related directly to the production and delivery of goods and services.