Assertion: The main objective of financial management is to maximize profits.
Reasoning: Profit maximization ensures the long-term survival and growth of a business.

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Assertion is false, but the reasoning is true.

Both assertion and reasoning are true, and the reasoning is the correct explanation of the assertion.

Both assertion and reasoning are true, but the reasoning is not the correct explanation of the assertion.

Assertion is true, but the reasoning is false.

answer is C.

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Detailed Solution

The assertion states that the main objective of financial management is to maximize profits, which is incorrect because the primary objective of financial management is to maximize shareholder wealth. The reasoning is also false because profit maximization does not always ensure the long-term survival and growth of a business.

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