Term: Accounting

ELI5 Accounting is the management of a company’s finances. Finances are everything that a company buys, sells or invests in. Key Takeaways What is accounting? …

Term: Accounting software

ELI5 Accounting software is a system that allows you to record all incomes and expenses of a company. Modern day accounting softwares like Xero are …

Term: Chart of accounts

ELI5 The chart of accounts is a list of all categories of a company’s financial transactions. A financial transaction has two categories. Key Takeaways What …

Term: Transaction

ELI5 A transaction is an agreement between a buyer and seller about a deal. The deal will involve cash for a product or service. Key …