And in practice they rarely are not. Nobody calculates the total cost of an unnecessary two hour meeting where 8 highly-paid employees discuss about something almost completely irrelevant.
Another problem with this is that it's extremely difficult to calculate anything when it comes to software, so expenses and profits are usually created using Stetson-Harrison when some higher-up needs a budget.
In fact, I'd say that companies that don't have such an "accounting" focus on software development do a lot better.