Explanation:

Accounts increased by debits A debit will increase the following types of accounts: Assets (Cash, Accounts receivable, Inventory, Land, Equipment, etc.) Expenses (Rent Expense, Wages Expense, Interest Expense, etc.) Losses (Loss on the sale of assets, Loss from a lawsuit, etc.)
As can be seen from the definitions of both the terms, the key difference between an expense and an asset is timing. An asset represents any source of future economic benefit to the firm that goes beyond one year, whereas an expense is an item whose usefulness to the company is complete. The other main difference between an Expense and an Asset is that Expenses are deductible against income , so they reduce taxable income, but expenses cannot be depreciated ever and Assets are not deductible against income, but assets whose value decline over time (usually long-term assets) can be depreciated.