Where does money for a debit card purchase usually come from?
AnswerThe linked bank account
Debit cards draw funds directly from the cardholder's account.
Money · Facts & stats
Debit facts & stats
7 fact-checked facts about debit cards, debits and bookkeeping basics, each with the reason behind it. 5 more are in today's round and join this page after it closes.
The basics
In accounting, what is the opposite of a debit?
AnswerCredit
Every entry is recorded as either a debit or a credit.
Going deeper
On which side of a T-account are debits recorded?
AnswerLeft
By convention, debits go on the left and credits on the right.
In double-entry bookkeeping, each transaction affects at least how many accounts?
AnswerTwo
Every transaction has at least one debit and one matching credit.
The word debit comes from the Latin debitum, meaning what?
AnswerSomething owed
Debitum means a debt or thing owed.
Expert level
The EMV chip standard is named after which three companies?
AnswerEuropay, Mastercard and Visa
EMV comes from the initials of Europay, Mastercard and Visa.
What does IBAN stand for?
AnswerInternational Bank Account Number
An IBAN is a standard format for identifying bank accounts across borders.
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