short for hindquarters. say it to other people in the know to draw their attention to a particularly fine, quality ass in the vicinity. one benefit is that you can discuss fine, quality ass even directly behind said posessor of fine, quality ass without her ever being the wiser.
dude: i think that donkey kong is the greatest game ever created.
guy: i disagree, i....woah, 'quarters, kid 11:00.
dude: yep, that sure is a fine, quality ass.