14. The Financial Accounting Standards Board is the governmental agency that sets both broad and specific accounting principles. True False 15. The business entity assumption means that a business is accounted for separately from other business entities, including its owner or owners. True False 16. As a general rule, revenues should not be recognized in the accounting records when earned, but rather when cash is received. True False 17. Specific accounting principles are basic assumptions, concepts, and guidelines for preparing financial statements and arise out of long-used accounting practice. True False