Saturday, December 31, 2011

17. (Q) Basic Banking Guide A to Z

Q

Qualified
It refers to a person or organization, having the qualities, required by law or by custom for getting, or exercising a right, holding an office, etc.

Qualified Audit Report
This is a report in which auditors are unable to certify that financial statements submitted reflects true state and affairs of the company. The circumstances which can give rise to a qualification are as follows:
* Limitation upon the scope of the auditors works or doubts which in relation to some unresolved matters.
* Unsuitable accounting policies, inadequate or misleading disclosures given in the financial statements or failure to comply with an accounting standard or legislation.
An adverse opinion indicating that the financial statements do not give a true and fair view and/or do not comply with the Companies Ordinance 1984 will be given when the matter concerned gives rise to a fundamental disagreement such as client has failed to provide a provision which would turn a reported profit into a loss and which would fundamentally change the net asset position if it were recognized. Such qualifications are relatively rare.

Quality Certificate
A certificate issued by third party, indicating that the goods are of required standard.

Quality control
It is also called quality assurance (QA) process, which consist on the  standard used in detection and measurement of possible problems to the production system, and also includes corrective responses for such type of problems.

Quantity rebate
Reduction in price on purchase of large quantity of goods

Quantity theory of money
In monetary economics, the quantity theory of money is the theory that money supply has a direct, relationship with the price level. The theory can be expressed simply by the equation of exchange. M.V = P.Q In this version of the equation, the velocity of money (V) and real expenditures (Q) are fixed, so any change in money supply (M) has a roughly proportional impact on price level (P). in other words Quantity theory of money is the economics concept that the money supply significantly affects economic activity and inflation rate and price level.

Quarterly returns
different statements required to be submitted by the banks and financial institutions to SBP, i.e. March, June, September & December. These returns are used for financial review, information about credit control, deposits and saving, foreign exchange inflow and outflow and preparation of statistical data.

Quasi
Not actually but apparently, in some degree or sense, resembling, nearly

Quasi contract
Court's determination of an obligation of one party to another where no actual contract exists. It is based on the parties' conduct, mutual relationship. In strict legal terms a quasi contract does not constitute a formal contract, but is a legal remedy that allows a plaintiff to recover an award or benefit conferred on the defendant.

Quasi money
A term used for instruments used in place of bank notes, such as, cheques, travelers cheques, Pay orders, postal orders demand drafts, cashiers cheque etc

Quasi negotiable instruments
Instruments which posses some of the qualities of Negotiable instrument, but in fact these are not negotiable instrument, such as Bill of lading etc.

Quasi partner
Refer nominal partner

Quasi rent
It is the rent accruing to any factor of production other than land. It refers to the temporary return to the factor of production whose supply cannot be adjusted to demand in the short-run with the increase in the factor of production, the quasi rent disappears. For example at the time of migration of refugees from Afghanistan to Pakistan, the demand for houses increased due to the increase in population. Quasi-rent arises in the case durable goods like houses, machine and in case of a particular  kind of skill. It arises  due to a temporary  scarcity of a particular durable goods or skill which can be increased  only if enough time is give.

Quorum
It refers to the minimal number of officials and members of a committee or organization, usually, who must be present for valid transaction of business.

Quota
It refers to the share or proportional part of a total that is required from, or is due or belongs to, a particular district, province, person, group, etc.

Quotation
It refers to the bid price such as  the highest bid price currently available for a commodity and the lowest ask price currently available for the same commodity.

Quotes
To repeat or copy the words of (another), usually with acknowledgment of the source

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