oboloo Glossary

Asset Increase Debit Or Credit

oboloo Glossary

Asset Increase Debit Or Credit

Asset Increase Debit or Credit is a financial accounting practice used to capture additions and subtractions to an organization’s assets. In the context of asset increases, a debit would refer to a decrease in the value of an asset due to repayment of debt or expenditures, while a credit would refer to a gain in asset value through acquisition or profits. This process of tracking the increases and decreases of an organization’s assets is an important part of keeping accurate and up-to-date financial records so that businesses can make informed decisions about their future.