The approximate logarithmic multiplier proposed by Mitchell provides an efficient alternative for processing dense multiplication or multiply-accumulate operations in applications such as image processing and real-time robotics. It offers the advantages of small area, high energy efficiency and is suitable for applications that do not necessarily achieve high accuracy. However, its maximum error of 11.1% makes it challenging to deploy in applications requiring relatively high accuracy. This paper proposes a novel operand decomposition method (OD) that decomposes one multiplication into the sum of multiple approximate logarithmic multiplications to widely reduce Mitchell multiplier errors while taking full advantage of its area savings. Based on the proposed OD method, this paper also proposes an accuracy reconfigurable multiply-accumulate (MAC) unit that provides multiple reconfigurable accuracies with high parallelism. Compared to a MAC unit consisting of accurate multipliers, the area is significantly reduced to less than half, improving the hardware parallelism while satisfying the required accuracy for various scenarios. The experimental results show the excellent applicability of our proposed MAC unit in image smoothing and robot localization and mapping application. We have also designed a prototype processor that integrates the minimum functionality of this MAC unit as a vector accelerator and have implemented a software-level accuracy reconfiguration in the form of an instruction set extension. We experimentally confirmed the correct operation of the proposed vector accelerator, which provides the different degrees of accuracy and parallelism at the software level.