Which statement is correct concerning the definition of internal control developed by the committee of sponsoring organizations (coso)? a. its applicability is largely limited to internal auditing applications. b. it is recognized in the statements on auditing standards. c. it emphasizes the effectiveness and efficiency of operations over the reliability of financial reporting. d. it suggests that it is important to view internal control as an end product as contrasted to a process or means to obtain an end.

Jamie is saving for a trip to europe. she has an existing savings account that earns 3 percent annual interest and has a current balance of $4,200. jamie doesn’t want to use her current savings for vacation, so she decides to borrow the $1,600 she needs for travel expenses. she will repay the loan in exactly one year. the annual interest rate is 6 percent. a. if jamie were to withdraw the $1,600 from her savings account to finance the trip, how much interest would she forgo? .b. if jamie borrows the $1,600 how much will she pay in interest? c. how much does the trip cost her if she borrows rather than dip into her savings?