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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DEFERRED ASSET is an amount owed to an entity that is not expected to be received by that entity within one year from the date of the balance sheet.

FACTORY OVERHEAD is the costs of operating a factory which cannot be assigned directly to a specific department or product.

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