View source for OpenSimulator:Permissions

In the client, if you enable "Client | Debug Permissions" you will see the object permissions on the "General" tab on edit object.

This is how they relate to the permission masks that can be set on a SceneObjectPart:

= BaseMask (B) =
Default: FULL_MASK_PERMISSIONS_OWNER

= OwnerMask (O) =
Default: PermissionMask.All

= GroupMask (G) = 
Default: PermissionMask.None;

= EveryoneMask (E) =
Default: PermissionMask.None;

= NextOwnerMask (N) = 
Default: OBJNEXT_OWNER;

= ObjectFlags (F) =
(Not a Permission, but applies to permissions because it affects the client's experience of what they can do with an object)  Ultimately, client side handling of permissions boils down to the F flags.  These get mixed and matched based on the above permissions flags.

Default: LLObject.ObjectFlags.None (0)

BOGEN permissions are 
V : Move
M : Modify
C : Copy
T : Transfer

The F flags are a bit different; they represent the 'actual' or 'calculated' permissions that are set for the object, basically, this are the 'real' permissions.
Although they show as VMCT they come from a different bit field, with the bits in other positions.

The Server ORs the permission flags together, then OR the relevant permission flags into the corresponding ObjectFlags bits(for now).

Apart from the permission flags, ObjectFlags also have flags like 'Physics', 'Phantom' and 'Touch'.

If 'Move' is off, and 'Modify' is on, the object is 'Locked'.