Rim Yi has prepared the following list of statements abodt accounts.

Identify each statement as true or false.

An account is an accounting record of either a specific asset or a specific liability.

An account shows only increases, not decreases, in the item it relates to$.$

Some items, such as Cash and Accounts Receivable, are combined into one account.

An account has a left, or credit side, and a right, or debit side.

A simple form of an account consisting of just the account title. the left side. and the right side.