can i know what is credit and debit?

Answer 1

credit is money you are borrowing from a bank and that you have to pay back. debit is your own money that you make and don't have to pay back to anyone. does that answer your question?

Answer 2

With regards to a checking or savings account :
Credit is a deposit to the account and
Debit is a withdrawal by check or by purchase at a seller that accepts debit cards in lieu of checks .

Otherwise , credit is more commonly , the general process of buying things you do Not have enough cash to pay for ( house , car , appliances etc ) and you take out at loan ( use credit ) to make the purchase . You then repay the amount borrowed plus interest .
This has evolved into credit cards , that allow many purchases without cash . . .
The person who holds the credit card account is then liable to pay the money , usually within 30 days OR finance charges start accruing and some of the % rates are pretty obscene ( like over 20% ).

Answer 3

The meaning of credit and debit, in banking language is:
Credit card: that you have an limited credit in you account (there are a limitation to get money from it)
Debit card: that you can take directly from your account without any limitation. (it depend in the money in you account)
For example: if you have $300 in you account you can take it all in one time. But if you have a credit card you can take only the limitation in you card for example ($100).
I hope that what you looking for.
Best luck

Answer 4

If you are asking in regards to an accounting class, a debit is the left side of the ledger and a credit is the right side. ANY other definition is FALSE.

If you are asking about common usage of the terms, EVERY definition is false.

Answer 5

The traditional answer is that debit is the window side.

Apart from that, debits are for expenses and assets whilst credits are for income and liabilities

Answer 6

Credit is is recieved and debit is taken