How does Office 365 with different MAC user accounts?

I have 2011 MBP running the latest Yosemite.

I am thinking of purchasing Office 365 Home edition (5 Macs and 5 devices not the personal 1 licence)

The MBP has 3 user accounts. If i install Office 365 in the admin account (my account) will it be available in the other user accounts or will count this as 3 mac installs?

Ideally I want to be able to use Office 365 in my MBP account and my iPad, again in my wifes MBP account and her iPad, and again in my daughters MBP account and her iPad.

Am i looking at the right version? I understand the 3 iPads will be classed as 3 accounts but the technically the it is only 1 MBP.

Any ideas anyone.

Thanks in advance