ORDER OF PERMANENCE Definition

Bookmark and Share

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 ...).

Learn new Accounting Terms

CLOSING ENTRY is a journal entry at the end of a period to transfer the net effect of revenue and expense items from the income statement to owners equity.

PER DIEM is a. one every day (e.g., save 10 man-hours per diem) or, b. payment of daily expenses and/or fees of an employee or an agent.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.