The accents on the "e" identifies it as the third person singular of the verb "essere" (to be. Conj: sono, sei, è, siamo, siete, sono). It is there to distinguish it from the conjunction "e" (and). The direction of the accent is really not that important, though you should use the grave accent ("è") as on all other vowels. The acute accent ("é") also exists in some words where it marks a closer sound for the "e" (eg "perché")
You could use "Essa" (italian feminine version for "IT") but is disused in modern italian, nobody use it . Anyway , remember that in italian you can always omit the subject that is implicit, differently from english or german. There is this link, on W. unfortunately only in italian language . http://it.wikipedia.org/wiki/Pronome_personale_in_italiano
look at the middle or bottom or top I can give you a web address that can help you with that and other things! I used it and got through most of it and I am on level 2 but if you wright down what you learned and what the translation is you can learn a lot. Always remember to keep them in a safe spot and don't let anyone throw away them. If you forget just look at them and they will help you. Here is the web address: http://www.education.vic.gov.au/languagesonline/ and www.quizlet.com and www.studyblue.com you can also download the app called "mind snacks" on your iphone to help you study.