Question 3: True/False statements about Accounts: 1. An account is an accounting record of either a specific asset or a specific liability. 2. An account shows only increases, not decreases in the item it relates to. 3. Some items, such as Cash and Accounts Receivable, are combined into one account. 4. An account has a left, or credit side, and a right, or debit side. 5. A simple form of an account consisting of just the account title, the left side, and the right side, is called a T account Instructions: Identify each statement as true or false. And correct false statements. 1