Database Option Descriptions

All users with access to the master database can execute sp_dboption with no parameters to display a list of the database options.

The report from sp_dboption looks like this:
Settable database options. 
abort tran on log full
allow nulls by default
allow wide dol rows
async log service
auto identity
dbo use only
ddl in tran
delayed commit
enforce dump tran sequence
full logging for all
full logging for alter table
full logging for reorg rebuild
full logging for select into
identity in nonunique index
no chkpt on recovery
no free space acctg
read only
select into/bulkcopy/pllsort
single user
trunc log on chkpt
trunc. log on chkpt.
unique auto_identity index

For a report on which options have been set in a particular database, execute sp_helpdb in that database.

See the Commands Reference: Procedures for information about each database option in detail.