Debit
Debit is an entry that increases assets or expenses and decreases liabilities or equity in double-entry accounting. Every debit has a corresponding credit. For example, when you buy equipment with cash, the equipment account is debited, and the cash account is credited.
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Deficiency Account
An account used to record the shortfall when liabilities exceed assets, especially in insolvency or liquidation scenarios. It reflects the…
Deferred Payment Sale
A sales agreement where the buyer receives goods now but pays in future installments. The revenue is often recognized at…
Deferred Liability
Deferred liability is a financial obligation not due until a future date beyond the current accounting period. Examples include pension…
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