It's the accounting equation being represented in canonical form. A chart of accounts is visualized in the minds of an accountant as:
Assets | Liabilities + Equity
Accounts classified as assets are debit accounts (left side), and accounts classified as liabilities or equity are credit accounts (right side).
The theory discussed everywhere in this thread is sound. You really don't need to use terminology like debit/credit for accounting.
What the discussion misses is the application of this framework. It is useful for a human to be able to visualize a complex transaction and work through missing pieces with the hints this framework provides. I'm missing something on the left? Oh yeah, I missed the deferred revenue debit.
Assets | Liabilities + Equity
Accounts classified as assets are debit accounts (left side), and accounts classified as liabilities or equity are credit accounts (right side).
The theory discussed everywhere in this thread is sound. You really don't need to use terminology like debit/credit for accounting.
What the discussion misses is the application of this framework. It is useful for a human to be able to visualize a complex transaction and work through missing pieces with the hints this framework provides. I'm missing something on the left? Oh yeah, I missed the deferred revenue debit.