[1.10.2] Questions about implementing custom events

Hello there!

I've got few questions about implementing my own Forge events for making public API for my mods.

How do you control cancel-able events? Do you simply post an event and check if post(Event event) method of EventBus returns true, then it was canceled?

if (MinecraftForge.EVENT_BUS.post(event))
{
    return false;
}

/* Event wasn't canceled */

Do I understand it right?

Second question is should I use MinecraftForge.EVENT_BUS or create a new event bus for my own mod and post it there? I don't know about penalties of posting my events on EVENT_BUS, however I do know that his bus is responsible for a lot of things like tick events and many much more. Just to clarify, my events aren't something that fire frequently, but depending on how frequent users will be using the features, it might turn out to be quite frequent.

Thanks for attention!