It is the record that allows us to keep track of economic and financial information, it shows the true image of the organization in order to allow planning, controlling and making strategic or operational decisions.

The conceptual framework of the International Accounting Standards Board (IASB) defines five basic elements that make up accounting, which are listed below:

Active.
Passive.
Capital.
Expenses.
Income.
Every accounting system is made up of two columns, which shows what is known as debit and credit. The debit will be found on the left side and the credit on the right.

The must and the have
To better understand these terms, we will explain each one separately:

In the debit all those transactions that imply that a company or an account enter or receive are recorded.
The purpose of the credit is to record any operation that represents the exit or delivery of an account. They are the liabilities of a company and that suppose a reduction of the economic benefits in the future of the same.