Question 5 (1 point) An intangible asset cannot be classified on the statement of financial position because it lacks physical substance. derives its value from the rights and privileges it provides the company. is worthless because it has no physical substance. is converted into a tangible asset during the year. Question 6 (1 point) In preparing a bank reconciliation, outstanding cheques are O added to the balance per books. deducted from the balance per bank