For Debit we have terms and definitions in 8 topics. The topics are Accounting, Accounting Terms, Credit Cards, Insurance, International Economics, Options, Real Estate and Tax.

Debit (Accounting)

is a record of an indebtedness; specifically : an entry on the left-hand side of an account constituting an addition to an expense or asset account or a deduction from a revenuenet worthor liability account.

Debit (Accounting Terms)

Entry on the left side of a DOUBLE-ENTRY BOOKKEEPING system that represents the addition of an ASSET or expense or the reduction to a LIABILITY or REVENUE. (See CREDIT.)

Debit (Credit Cards)

Card

Debit (Insurance)

The collectable premium accounts assigned to one industrial or combination agent.

Debit (International Economics)

Recorded as negative (-) in the balance of payments, any transaction that gives rise to a payment out of the country, such as an import, the purchase of an asset (including official reserves), or lending to foreigners. Opposite of credit.

Debit (Options)

An expense, or money paid out from an account. A debit transaction is one in which the net cost is greater than the net sale proceeds. See also Credit.

Debit (Real Estate)

A charge on an accounting statement or balance sheet (appearing on the left-hand column); the opposite of a credit. Used in bookkeeping and in preparing the closing statement in a real estate transaction.

Debit (Tax)

Entry recording an increase to an asset or expense or a reduction to a liability, revenue or owner’s equity. Debits are recorded in the left-hand column of an account or a two-column book. Opposite of credit.

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