ORDER OF PERMANENCE Definition

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ORDER OF PERMANENCE is where fixed assets are entered in the balance sheet in descending order of permanence (i.e. land first, then buildings, then equipment ...).

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REAL PROPERTY is land and / or any permanent structures attached to it; to include saleable natural resources, e.g., vacant land, buildings, farms, oil, gas, timber, etc.

USAGE VARIANCE is the difference between the budgeted quantity of materials and the actual quantity used.

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