See " Debenture Bond." Debentures or Debenture Stock. The English equivalent of the American term "debenture" or "debenture bonds," except that in Great Britain such a security is generally and should be secured by a mortgage or by the hypothecation of specific securities. This, however, is not always the case, and when not so, it assumes more the form of our American " debenture." The English "debentures" rank ahead of the "preference" and "ordinary shares." Gabbottı says that "Debenture stock is the absorption of mortgage debts; it is the first charge on a company. The interest is at a fixed rate, and the claims on a company as binding as a mortgage." ("Irredeemable Debentures " may be read in this connection.) Debit. To make a charge against; to charge a person with goods sold. In bookkeeping the debit side of an account is that on which is entered the charge for money or its equivalent delivered; for instance, if A owes B $15 it would stand on the debit (left-hand) side of B's books as a charge against A.