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Qualified
opinion –
Refers to the auditor’s opinion accompanying a financial
statement that calls attention to limitations in the audit
or exceptions the auditor has taken with the audit of the
statements.
Qualitative information –
Different from
quantitative
which relates to numerical amount qualitative information is that which is descriptive in nature, relating to,
or involving quality or kind.
Quality –
Features of a product that allow it to satisfy customers’
needs. It may refer to some standard of excellence.
Quality assurance – A method of working for businesses that takes into account customers’
want when standardising quality. It often involves
guaranteeing that quality standards are met.
Quality chains
– when employees from a series of links between customers
and suppliers in business, both internally and externally.
Quality
control
- 1. procedures to establish an optimal level of audit
performance by practitioners. Included are proper
supervision over field work, evaluation of internal
control, and employment of generally accepted auditing
standards. The monitoring of a CPA firm's system of quality
control by a peer reviewer involves consideration of the
adequacy and relevance of the CPA firm's procedures,
practices, and compliance thereto, effectiveness of
professional development, and quality of the CPA firm's
practice aids. Or 2. policies and techniques used to assure
that some level of performance has been achieved. Included
are controls in design and inspection. Variances from
established norms are identified and rectified. Or 3. in
manufacturing, procedures to achieve a desired level of
satisfaction of the operation or product being produced. A
number of tests and measurements may be required to
determine that a part meets required specifications.
Quality control circles – Small groups of workers in the same area of production
which meet regularly to study and solve all types of
production problems.
Quality
review
- The
evaluation by one accounting firm or accountant of the
soundness of the practices of another accounting firm or
accountant.
Quality
training
– The
process of
familiarizing all employees with the means for preventing, detecting, and
eliminating non-quality. The educational processes are
tailored to the appropriate groups.
QUANGOs
- Quasi Autonomous Non-Governmental Organisations.
Quantitative factors -
Are
considerations relevant to a decision that can be measured
in terms of money or quantitative units.
Quantitative
information –
Different from qualitative.
Quantitative
is information relating to, or expressible in, terms of
quantity.
Quantitative models (methods) -
collection
of mathematical and statistical methods used in the solution
of managerial and decision-making problems, also called
operations research (OR) and management science.
Quantity demanded
-
The amount of a product that consumers wish to purchase in
some time period.
Q uantity
equation
- The equation M
X
V =
P X Y, which
relates the quantity of money, the velocity of money, and
the dollar value of the economy's output of goods and
services.
Quantity of labour demanded
- The number of labour hours hired by all the firms in an
economy.
Quantity of labour supplied
- The number of of labour services that households supply to
firms.
Quantity supplied
-
The
amount of a product that producers wish to sell in some
time period.
Quantity theory of money
- The proposition the increase in the quantity of money
leads to an equal percentage increase in the price level.
Quarterly reports
- Are
financial report issued every three months between
annual reports.
Quasi business expenses
– Is used to refer to those range of tax deductible expenses which may qualify as a
business or personal expense. This is dependent upon the
specific individual situation, e.g. company car, golf club
dues or travel expenses.
Questionnaires
- A set of questions to be answered as a means of collecting
data for market research.
Quick assets
- This
is current assets minus inventories.
Quick ratio
(or Acid Test Ratio) – This ratio is a more rigorous
and informative test than just the current ratio in
measuring a firms short-run liquidity. This refers to a
firms
current ability to pay its current debts when they
become due. This ratio takes into account
cash, marketable securities (cash equivalents) and accounts
receivable only, this is because these are considered very liquid
forms of current assets.
Quota
- A restriction on the quantity of a good a firm is
permitted to sell or that a country is allowed to import.
Quota (set by a cartel)
- The output that a given member of a cartel is allowed, to
produce (production quota) or sell (sales quota).
Quota
sample
- People selected on the basis of certain characteristics
(e.g. age, gender, income) as a source of information for
market research.
Quotation -
1. a statement of the market price (current) of a security or
specified commodity. Or 2. an offer to sell items at a
specified price and under specific set of conditions.
Quote -
To state the specific price of a service or asset, e.g. a
specific stock price or fee for a specific service.
Quoted price
– Is the price of the last transaction of a listed security
or an estimate of how much a particular job or item will
cost.
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