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MACRS (modified accelerated cost recovery system): IRS regulations that allocate the cost of an asset according to predefined recovery periods and percentages.

maker: A person (entity) who signs a note to borrow money and who assumes responsibility to pay the note at maturity.

management accounting: The area of accounting concerned with providing internal financial reports to assist management in making decisions.

Market Adjustment-Trading Securities account: An account used to track the difference between the historical cost and the market value of a company's portfolio of trading securities.

matching principle: The concept that all costs and expenses incurred in generating revenues must be recognized in the same reporting period as the related revenues.

maturity date: The date on which a note or other obligation becomes due.

maturity value: The amount of an obligation to be collected or paid at maturity; equal to principal plus any interest.

merger: The acquisition of one company by another company whereby the companies combine as one legal entity, with the acquired company going out of existence.

minority interest: The interest owned in a subsidiary by stockholders other than those of the parent company; occurs when the acquiring company has less than a 100 percent ownership interest.

modified accelerated cost recovery system (MACRS): IRS regulations that allocate the cost of an asset according to predefined recovery periods and percentages.

monetary measurement: The idea that money, as the common medium of exchange, is the accounting unit of measurement, and that only economic activities measurable in monetary terms are included in the accounting model.

mortgage amortization schedule: A schedule that shows the breakdown between interest and principal for each payment over the life of a mortgage.

mortgage payable: A written promise to pay a stated amount of money at one or more specified future dates; a mortgage is secured by the pledging of certain assets, usually real estate, as collateral.

moving average: A perpetual inventory cost flow alternative whereby the cost of goods sold and the cost of ending inventory are determined by using a weighted-average cost of all merchandise on hand after each purchase.

mutual agency: The right of all partners in a partnership to act as agents for the normal business operations of the partnership, with the authority to bind it to a business agreements.  

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