The amount representing the difference between the debit and credit sides of an account. It is brought down onto the opposite side of the account to ensure equal totals.
A term used in accounting to indicate an entry made on the right-hand side of an account ledger, typically representing a decrease in assets or an increase in liabilities and equity.
A debit is an entry on the left-hand side of an account in double-entry bookkeeping that increases assets or recorded expenditures of an organization. In the context of a bank account, a debit indicates an outflow of funds.
In accounting, a debit (DR) refers to any entry recording an addition to an asset or expense account, or a reduction from a liability or equity account.
The Dual Aspect Principle is a fundamental concept in accounting that asserts every financial transaction has two aspects: one that results in a debit entry and another that results in a credit entry.
The balance brought forward at the beginning of an accounting period. Opening balances may be on the debit or the credit side of a ledger.
An overdraft is a loan provided by a bank or building society for a customer with a cheque account, allowing the account to go into debit, up to a specified limit known as the overdraft limit.
A bookkeeping system that records only one aspect of each transaction, either a debit or a credit. Unlike double-entry bookkeeping, it does not balance. Single-entry bookkeeping is simpler and often used by small businesses.
A visual representation used in accounting to depict individual ledger accounts, reflecting debits and credits in a format resembling the letter 'T'.
