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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GENERAL AVERAGE is the provision in maritime law where all shippers on a given voyage would reimburse the ship line in the event of vessel sinking or catastrophic damage. It also provides for the reimbursement to those shippers whose cargo was thrown overboard in order to save the vessel.

SALES JOURNAL is a record containing a chronological listing of credit sales.

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