Can someone provide a straightforward (but not simpler than possible) explanation of a transaction as applied to computing (even if copied from Wikipedia)?
I would suggest that a definition of 'transaction processing' would be more useful, as it covers transactions as a concept in computer science.
From wikipedia:
In computer science, transaction processing is information processing that is divided into individual, indivisible operations, called transactions. Each transaction must succeed or fail as a complete unit; it cannot remain in an intermediate state.
http://en.wikipedia.org/wiki/Transaction_processing#Implementations