Multipliers and Accumulators are an imperative component of DSP application systems. It plays a vital role in high speed digital signal processing (DSP), image processing multiplier and processing fast Fourier transform (FFT). These computations require large number of multiplication and addition operation which requires dedicated MAC and Arithmetic and Logic Unit (ALU) architectures. Multipliers and adders are the key components of these arithmetic units as it determines the overall performance of the system, i.e. speed, power and area consumed. This paper reviews the components of MAC circuits analyzing and comparing the performance parameters in terms of area, speed and power consumption. Carry Look Ahead adder is the most suitable for low power and for high performance, whereas Wallace tree multiplier can be implemented for chips having larger area and require high speed. Various other multiplier and adder circuits are also reviewed.