what is debit in accounting?

Answer 1

As in 'minus'

Answer 2

Debit is a formal bookkeeping and accounting term that comes from the Latin word debere, which means "to owe". The Latin debitum means "debt". The opposite of a debit is a credit. Debit is abbreviated Dr, while credit is abbreviated Cr.

A debit changes the balance of an account. Asset and expense accounts increase in value when debited, whereas liability, equity, and revenue accounts decrease in value when debited. This distinction is somewhat counterintuitive, until the nature of those accounts is more closely scrutinized. For example, revenue is coded as a credit. After recording a day's sales, the company will have credited a certain amount in revenue, and since credits are negative numbers, the balance grows more and more negative. An adjustment to revenue would need to be a debit, because its purpose is to bring the revenue totals closer to zero.



So simply put: debit is any kind of charge to your account and anything with a (-). like : phone bill, wages and salaries paid, so simply put all payables.

Answer 3

Personal use means overdrawn in the bank or debit in actual accounting is a minus before the figure.

Answer 4

The confusing thing is that debit sounds close to the term debt, so it's mistaken often. Debit is to take from, and credit is to give to. Hence, when you pay your bills via direct debit, it is automatically taken, and when you apply for credit, a credit amount is given to you.

Answer 5

A debit is when it is taken out, and to credit is to put it in!

to remember, when you think Debit, think Deduct!!

Answer 6

A debtor is someone the company owes.
A creditor is someone who owes the company.
Therefore a debit balance means that you owe someone money.

Answer 7

a debit is an asset (its what an owner have),
while a credit is a liability (debt).

Answer 8

money taken out

Answer 9

is this a joke or a riddle?

Answer 10

isnt it another way around?