oboloo Glossary

Increase Asset Debit Or Credit

oboloo Glossary

Increase Asset Debit Or Credit

Increase Asset Debit or Credit is an accounting expression used to describe the processes which increase or decrease a company’s assets. When the asset increases, a debit is recorded in the asset’s account and a corresponding credit is recorded in the same or another account; when the asset decreases, a credit is recorded in the asset’s account and a corresponding debit is recorded in the same or another account. This type of transaction occurs in businesses every day and helps companies track cash flow, monitor inventory and keep accurate records of their financial transactions.