Term: Accounting

ELI5 Accounting is the management of a company’s finances. Everything that a company buys, sells or invests in should be recorded. Key Takeaways Accounting is …

Term: Accounting software

ELI5 Accounting software is a system (usually a website) that allows you to record all incomes and expenses of a company.  Key Takeaways An accounting …

Term: Chart of accounts

ELI5 The chart of accounts is a list of all categories of a company’s financial transactions. A regular financial transaction should have two categories (which …

Term: Transaction

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

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