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Credit (from Latin verb credit, meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), but promises either to repay or return those resources (or other materials of equal value) at a later date ...
Luca's book popularized the words “credre” means “to entrust” and “debere” means “to owe”—the origin of the use of the words "debit" and "credit" in accounting, but goes back to the days of single-entry bookkeeping, which had as its chief objective keeping track of amounts owed by customers and amounts owed to creditors.
The Online Etymology Dictionary or Etymonline, sometimes abbreviated as OED (not to be confused with the Oxford English Dictionary, which the site often cites), is a free online dictionary that describes the origins of English words, written and compiled by Douglas R. Harper. [1]
The words debit and credit can sometimes be confusing because they depend on the point of view from which a transaction is observed. In accounting terms, assets are recorded on the left side (debit) of asset accounts, because they are typically shown on the left side of the accounting equation ( A=L+SE ).
Etymology (/ ˌ ɛ t ɪ ˈ m ɒ l ə dʒ i /, ET-im-OL-ə-jee [1]) is the study of the origin and evolution of words, including their constituent units of sound and meaning, across time. [2] In the 21st century a subfield within linguistics , etymology has become a more rigorously scientific study. [ 1 ]
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The word "pecuniary" [13] comes from the Latin pecunia, originally and literally meaning "cattle" (related to pecus, meaning "beast"). [14] Today, the productive system and the monetary system are two separate entities. Douglas demonstrated that loans create deposits, and presented mathematical proof in his book Social Credit. [15]
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