Imputation is one of the major doctrines that is taught throughout the
scriptures. In Romans chapter four, there are at least eleven references
to this truth of imputation, in the words: "reckoned, counted, and
imputed." The actual word means to "reckon over unto one’s account."
When the Apostle Paul wrote to Philemon concerning what his runaway
slave Onesimus might owe him, he gives us a perfect scriptural
illustration of the meaning of the word: "put that on mine account"
(Philemon 18). There are three major imputations expounded in the
scriptures.
1). The imputation of sin, guilt and condemnation to all men in Adam’s fall (Rom. 5:12). When Adam stood before God in fellowship and holiness, the whole human race stood in him without sin. However, when he sinne'd and rebelled against God, judgment was passed upon all men to condemnation, "in whom all have sinned." Adam’s sin, guilt and spiritual death was imputed to all men, "In Adam all died" (1 Cor. 15:22).
2). The imputation of sin to the Lord Jesus Christ as God’s provided and appointed sacrifice (2 Cor. 5:21). Our Lord had no sin, did no sin and knew no sin (Heb. 7:26). Although He was a real man and identified with our nature it was not contaminated and polluted with the sin of Adam. His human nature was conceived apart from the aid of any man. He is called, "the seed of the Woman" (Gen. 3:15); "the only begotten of the Father full of grace and truth" (John 1:14). The only way that He is guilty of sin is by imputation (1 Peter 3:18). The sin of God’s elect were laid on Him (Isa. 53:6) and He bare their sin in His own body (1 Peter 2:24). This is the clear teaching of scripture, "He was made to be sin for us" (2 Cor. 5:21). Our blessed Substitute made complete atonement for all the sins of God’s chosen people and set us eternally free from all condemnation (Rom. 8:1). None for whom He died shall ever perish (John 6:37-40).
3). The imputation of a justifying righteousness to all those who believe (Rom. 4:5-8). Abraham believed God and it was imputed to Him for righteousness. Every believer receives salvation the same way Abraham did, by and through God given faith (Eph. 2:8-9). Faith is not our righteousness, Jesus Christ is our righteousness (Jer. 23:6). He is the object of faith that justifies. Our Lord, when He dwelt among men, perfectly honored and satisfied God’s holy law in every precept and penalty (Isa. 42:21). His obedience which He rendered unto God was done in the believer’s room and stead and sovereignly imputed to them without any expected contribution from them. "Blessed is the man to whom God imputed righteousness without works"(Rom. 4:6).