1 year, 5 months ago
via credit-qna.com
What does debit mean?
Where can I obtain the definition of debit? How many definitions of debit are there?
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M$1 Answer
Here is a direct quote from investorwords.com on the definition of the word debit:
“An accounting entry which results in either an increase in assets or a decrease in liabilities or net worth. opposite of credit.”
Here is yet another definition from thefreedictionary.com:
“An expense, or money paid out from an account. A debit transaction is one which the net cost is greater than the net sale proceeds”
So as you can see a debit is different then credit, because it works off money you already have. For example you can have a debit card connected to your bank account and it can give you access to the funds that are currently in your account, or give you an opportunity to fund your account if you would like to.
“An accounting entry which results in either an increase in assets or a decrease in liabilities or net worth. opposite of credit.”
Here is yet another definition from thefreedictionary.com:
“An expense, or money paid out from an account. A debit transaction is one which the net cost is greater than the net sale proceeds”
So as you can see a debit is different then credit, because it works off money you already have. For example you can have a debit card connected to your bank account and it can give you access to the funds that are currently in your account, or give you an opportunity to fund your account if you would like to.
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
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