Term of the Day

debit

In double-entry bookkeepingentry on the left-hand side of an accountrecord. It has the effect of decreasing a capital, liability, or revenue account, or of increasing an asset or expense account. See also credit.
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Usage Example
In basic accounting, debits and credits balance one another since they operate in the exact opposite direction.
In double-entry bookkeepingentry on the left-hand side of an accountrecord. It has the effect of decreasing a capital, liability, or revenue account, or of increasing an asset or expense account. See also credit.
Learn more about this term
Usage Example
In basic accounting, debits and credits balance one another since they operate in the exact opposite direction.
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