A debit account and credit account are accounting terms that refer to the two sides of an individual ledger. The debit account is the side which records all money paid out or money owed, while the credit account is the side which records all income received or money owed to someone else. In a business context, having both accounts is essential for accurate financial record-keeping and helps managers keep track of their financial commitments and obligations. By keeping careful track of both accounts, businesses can also increase efficiency, improve accuracy, and reduce costs.