debit
A journal entry recording a subtraction from assets. With cash basis accounting, debits are recorded when a debt or other obligation is paid. With accrual basis accounting, debits are recorded and recognized when a debt or other obligation becomes owed. Compare to credit.
Browse by Subjects
directional testing
deficit
credit
compound journal entry
contra entry
See All Related Terms »

inconvertible money
chief operating officer
revenue accounts
Physical option
section