Kim Yi has prepared the following list of 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: Part A. Identify each statement as true or false. If false, indicate how to correct the statement. Part B. Identify debits, credits, and normal balances.

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.