Mark has prepared the following list of statements about accounts: 1. The petty cash book records payments into and out of the bank account. 2. A debit entry will decrease an asset 3. An increase in an expense or an increase in an asset is a credit. 4. Some items, such as Supplies and Accounts Receivable, are combined into one account. 5. Managerial accounting focuses on information for decision makers outside of the business, such as creditors and taxing authorities. Required: Identify each statement as true or false. If false, please correct the statement