Knitting a pair of house slippers, am ready to start the decrease for the toe area, these are the instructions:

First DEC. ROW: Work ribbing for 7 sts, *slip, k and psso, k1, k2 tog.* work 5 sts ribbing, repeat between *'s once, finish row in ribbing; 25 stitches.

I understand most of this, the part I need help on is the:

"*slip, k and psso". Does this mean slip 1 stitch, knit one stitch and pass the slipped stitch over?

Thanks for any help. It's been about 15 years since I knitted anything and this is going really well so far, don't want to blow it now that I'm near the end on this first slipper!LOL