Accounting Debit Credit is a fundamental concept in the field of accounting. It’s defined as the double-entry bookkeeping system wherein every financial transaction has two parts: an increase and decrease in an asset, expense or liability. Every transaction must be recorded twice – once as a debit, and once as a credit. Debits represent the left side of a transaction and credits represent the right side. Together, these two sides balance each other, creating a record that accurately documents all activity. In summary, Accounting Debit Credit is an important tool for keeping accurate records of all business transactions.