Profits of sole proprietorships ________
A) reach shareholders through intermediaries
B) flow directly to the owners
C) are considered fixed assets
D) are taxed at corporate rates
E) are subject to double taxation
Answer: B
Explanation: Profits and losses of sole proprietorships flow directly to the owners and are taxed at individual rates.
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Which of the following statements is true of ICT architectures in the 1960s?
A) Mainframe computers formed the foundation of the ICT architecture. B) Microcomputers were used for word processing applications. C) Personal computer operating systems were developed. D) Multiple suppliers of PC hardware offered more options to businesses.
An audit software program that generates programs that perform certain audit functions, based on auditor specifications, is referred to as a(n)
A) input controls matrix. B) CAATS. C) embedded audit module. D) mapping program.