There are many accounting standards available globally. Different country or region selects the appropriate standard based on their needs and circumstances. The Accounting Standard followed in Canada is Financial Accounting Standards Board (FASB). * True False 15 Revenues are the gross increases in 1.59 equity resulting from business activities entered into for the purpose of earning income. * True False Monetary unit assumption requires that 1 only transaction data capable of being expressed in terms of money be included in the accounting records * True False