please answer all the questions immediately

51. Which one is true when a certain accounting standard has been established? * (1 Point) The Accounting standards must never be amended O Interpretation and application of accounting standards lies on the hands of internal auditors External auditors is responsible for the proper application of published standard The published standard must still be continually review to adapt to changes in business environment 52. Which of the following will most likely qualify for recognition as intangible asset? (1 Point) Knowledge protected by legal rights Talented manager Customer loyalty A team of skilled staff 53. Which of the following statements about accounting standard setting and the Conceptual framework is true? 1. All CPA professionals are given the opportunity to participate in the standard-setting process 11. The FRSC, the Board of Accountancy, the Philippine Institute of Certified Public Accountants participate in the due process of accounting standard-setting, and the Professional Regulation Commission is the final signing authority. m. The Conceptual Framework constitute the accounting laws of the accountancy profession and violations of its provision will be meted corresponding sanctions by the regulatory bodies IV. The Conceptual Framework provides the parameters within which the accounting standard- setters should work in crafting the financial accounting standards of the accountancy brofession" (1 Point) O All statements are true and I are true O and I are true 1 and il are true 54. Which of the following will not qualify as inventory? * (1 Point) O Dogs that a pet shop buys from breeders that it then sells Cryptocurrencies for sale in the ordinary course of business Plant held for sale Lubricants that are consumed by an entity's machinery in producing goods 55. Under PAS 16, which of the following scenario is an exchange that has a commercial substance * (1 Point) Exchange of asset with no difference in future cash flow Exchange of asset with diference in future cash flow Exchange by entities within the same industry Exchange of assets by entities that cause them to remain in essentially same financial position