QUESTION 49 An intangible asset: a. cannot be classified on the balance sheet because it lacks physical substance. O b. is converted into a tangible asset during the operating cycle. c. is worthless because it has no physical substance. d. derives its value from the rights and privileges it provides the owner. QUESTION 50 An income statement: a. summarizes the changes in stockholders equity for a specific period of time. b. reports the changes in assets, liabilities, and stockholders equity over a period of time. " reports the assets, liabilities, and stockholders equity at a specific date. dpresents the revenues and expenses for a specific period of time. QUESTION 51 A system of internal control: a. can be rendered ineffective by employee collusion. b. is infallible. C. invariably will have costs exceeding benefits. d. is premised on the concept of absolute assurance