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The code will "point" you in the direction of the problem. It may not "pinpoint" the exact problem in all cases. You still have to be a bit of a detective to zero in on what must be checked and resolved.
The light will go off on its own BUT it may take several driving cycles as in the case of a loose gas cap. However, to turn off the CEL, you must pull the "BACK UP" fuse under the dash. As shown here:
It is the 7.5 amp fuse near the top of the picture. With engine and ignition OFF, pull that fuse, wait about 30 seconds, put it back in - DONE!
If the "fix" did not fix the problem, your CEL will come back on.