PAYMENT DUE DATE Definition

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PAYMENT DUE DATE is the date on which a payment is due and payable.

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SERVICE CHARGE is an additional charge for a service for which there is already a basic fee; also called service fee.

COMPLETED CONTRACT METHOD OF ACCOUNTING is a method of revenue recognition for long-term contracts (i.e., contract which span more than one accounting period) whereby the total contract revenue and related cost of performance are recognized in the period in which the contract is completed. This method stands in contrast to the percentage-of-completion method of accounting and is most often used when significant uncertainty exists with respect to the total cost of performing the contract and, accordingly, the ultimate amount of profit to be recognized thereon.

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