Final answer:
In accounting, debit is used to record an increase in assets or expenses, while credit is used to record an increase in liabilities, equity, or revenue.
Step-by-step explanation:
In business, the terms debit and credit have specific meanings that are different from their general usage. In accounting, debit is used to record an increase in assets or expenses, while credit is used to record an increase in liabilities, equity, or revenue. Therefore, the statement that debit means increase and credit means decrease is false.
For example, if you make a purchase using a debit card, your bank account balance decreases because money is being transferred out of your account. This is a debit to your account. On the other hand, if you make a purchase using a credit card, you are obtaining goods or services before making the payment, which means you are going into debt. This is a credit transaction.