Qualified Audit Opinion An auditor’s report used when the statements taken as a whole were presented fairly, but have material deficiency. The terms “subject to” and “except for” are generally reference points as to why the opinion is qualified.
Qualified Endorsement Is one which limits the liability of the endorser. Such an endorsement is effected simply by adding the words “without recourse,” after the signature.
Qualitative Forecasting Uses the judgment and opinions of knowledgeable individuals to predict future outcomes.
Quality Assurance The production control step in which the product is inspected at various stages along the route to insure that it meets standards.
Quality Circle 1. A cooperative effort by workers and supervisors to find ways to improve operations and quality;
2. Work groups that meet regularly to discuss, investigate, and correct quality problems.
Quantitative Forecasting Applies a set of mathematical rules to a series of past data to predict future outcomes.
Quantity Discount An inducement to a customer to make larger purchases; a price reduction for volume buying.
Quantity Theory of Money The theory that the velocity of money is predictable, so changes in the money supply have predictable effects on nominal income.
Quarterly Accounts Receivable Survey An index, complied by the Credit Research Foundation, called “The National Summary of Domestic Trade Receivables“, published quarterly since 1960, showing collection effectiveness index, days sales outstanding, best possible days sales outstanding, average days delinquent, percent current, and percent over 91 days past due for manufacturers and wholesalers by industry group (SIC).
Quasi Contract A situation in which there arises a legal duty that does not rest upon a promise, but does involve the payment of money.
Quasi-Judicial Administrative actions involving factual determinations and the discretionary application of rules and regulations.
Query Languages Special purpose languages used to provide immediate, on-line answers to questions involving data in databases.
Queuing Theory A technique that balances the cost of having a waiting line against the cost of service to maintain that line.
Quick Ratio (Acid Test) Liquid assets divided by current liabilities. Measures liquidity. Liquid assets include cash, short-term marketable securities, and accounts receivable.
Quid Pro Quo The exchange of one thing of value for another.
Quo Warranto A proceeding in court by which a governmental body tests or inquires into the authority or legality of the claim of any person to a public office, franchise, or privilege.
Quota 1. A trade barrier that restricts the quantity of foreign product that can be brought into a country for resale;
2. A sales target or objective predetermined by sales management.

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