term used for shrinkage, evaporation, and so on. The cost of waste from these causes usually is not traced and is not recognized in the accounts. In a standard cost system an allowance for waste may be included in the determination of standard cost. Waste in excess of standard is thus revealed as a quantity or usage variance.
In general: unwanted result of a process, further called hazardous waste, nuclear waste, or solid waste.
Real estate: unauthorized use or neglect of property by a party with the right to possession when another party owns an interest in the property. The party may be a tenant, a mortgagor, or a life tenant.
often found in a mortgage or lease contract, or in a life estate, this term refers to property abuse, destruction, or damage (beyond normal wear and tear). The possessor causes unreasonable injury to the holders of other interests in the land, house, garden, or other property. The injured party may attempt to terminate the contract or sue for damages.
Example:A life tenant converting a residential property into a production center for some specialized product.
