MODIFIED ACCELERATED COST RECOVERY SYSTEM Definition

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MODIFIED ACCELERATED COST RECOVERY SYSTEM (MACRS) is a system used in accounting to define the rate and method under which a fixed asset will be depreciated for tax purposes.

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FX ACCOUNT (Foreign Exchange Account) is a trading account usually based in foreign currencies.

CASH DISCOUNT is a refund of some fraction of the amount paid because the purchase price is paid by the buyer in cash, as opposed to making the purchase on credit or, sometimes, credit card or check.

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