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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MONEY MEASUREMENT PRINCIPLE see MONEY MEASUREMENT CONCEPT.

BUSINESS is a commercial or industrial enterprise and the people who constitute it that undertake the activity of providing goods and services involving financial, commercial and industrial aspects.

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