Reconciliation of the Different Meanings of the Word Credit Essay

1171 WordsDec 1, 20085 Pages
For my “Words and Numbers Assignment”, I selected the word “Credit” to research various meanings and terms. I chose this word for many reasons. One of which is that after researching the word “Debit” for the same assignment I found those two words very connected and it seemed that one cannot exist without the other. To have the fool and clear understanding term “Debit” I knew I would have to explore the term “Credit” as well. Also, while discussing this assignment with different people at my office, I found there were a lot of questions regarding this word with no specific answers. Like “where did this word come from?” or “Why is it abbreviated DR?” and “Why, when you add money to a company you debit cash but when you put money in your bank account, the bank credits your account.” These questions led me to investigate this term further. I have attached research introducing my topic, listed findings and prepared an analysis & conclusion. WORDS AND NUMBERS ASSIGNMENT Reconciliation of the Different Meanings of the Word “Debit” INTRODUCTION For years people have been using the term “Credit” in their everyday vocabulary. Often times we can see that even thou this word is very common nowadays people do not know what it actually means and how to use this word properly. Everybody generated their own meaning for this term as well as many others. Even thou their concept of the word “Credit” may be correct, it may still differ from the meaning given by the accounting. Being from a different country (I grew up in Poland), and being raised in the environment filled with accountants and other skilled professionals, I created my own definition of the term “Credit,” which developed and changed over time. After coming to America, having some college under my belt, and experiencing American “life on credit” I recognized that the term “Credit” is so much more

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