Glossary
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Term used to describe the opinion letter accompanying audited financial
statements in which the CPA reports the same information as in the
unqualified opinion with one or more additions. The additional information
describes either (1) one or more material aspects of the scope of
the audit that may be deviations from necessary practice or (2)
uncertainty about the future that either cannot be resolved or the
effect of which cannot be estimated.
The difference in yield between a risk-free obligation, an obligation
of the U. S. Treasury, and another obligation of similar maturity
that has credit risk. This difference is expressed in basis points.
The most common quality spread is the Treasury-Eurodollar spread
(TED spread). Quality spreads are expressions of credit risk as
yield differentials. See TED spread.
A commonly used, but not always accurate, proxy for a firm’s
liquidity. The quick ratio is calculated by subtracting inventory
from current assets and then dividing the result by current liabilities.
Sometimes called the acid test ratio.
A document by which title to real estate is conveyed from one party,
the grantor, to another party, the grantee. The distinguishing characteristic
of a quit claim deed is that it transfers only such interest, title,
or right that the grantor has at the time of conveyance to the grantee.
A quit claim deed is common in divorce or other situations such
as equitable interests, in which the grantor’s interest is
not clearly defined.
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