The 24-year-old forward ended the 2013/14 campaign at London Road, netting one crucial goal in the Johnstone's Paint Trophy final at Wembley.
He also figured in both legs of Peterborough's League One play-off final, but was unable to help Darren Ferguson's men to promotion.
McQuoid is now preparing himself for a return to his parent club in pre-season and hopes to have done enough to earn another shot at life in the Sky Bet Championship - having previously graced the second tier with Burnley and Millwall.
He told Bournemouth's official website: "I spoke to the manager (Eddie Howe) and the staff at the end of the season and they were pleased with how things went.
"I was in and out for a bit, but I managed to get a good run of games at Peterborough and built up my fitness.
"Having been out for so long, it was good to be out there and playing again. It was just what I needed because I couldn't stay here and sit in the stands.
"Even though the training is good here, I needed game time.
"But I felt there was more to come from me because I was just getting going.
"Injuries in pre-season meant it was difficult for me and in the end, the season ended too soon for me.
"Hopefully I can work hard over the summer and give myself a chance when training starts again."