Which of the following rule-making authorities would establish accounting standards for Queens College, CUNY?

A. The AICPA

B. The FASB

C. The FASAB

D. The GASB

Which of the following statements is false: 

Not-for-profit organizations may fall under the rule-making authority of GASB or FASB. 

Not-for-profit organizations may make a profit. 

Businesses have scarce resources that must be allocated to different uses, governments and not-for-profits are able to command sufficient resources to avoid the need for such allocations.