discrepancy
dih-SKREP-un-see
/dɪˈskrɛpənsi/
A lack of compatibility or similarity between two or more facts.
A discrepancy is a noticeable or unexplained difference between two things that should be alike. In finance, it often points to an error, a missing transaction, or even potential fraud.
The story behind the word. The word 'discrepancy' comes from the Latin 'discrepare,' meaning 'to sound differently, to disagree.' Imagine two musical notes that should be the same but are slightly off-key – they 'discrepate.' Similarly, a financial discrepancy is when two sets of numbers that should match instead 'sound differently' or don't agree. It's an off-key note in your accounts!
Word relationships
- inconsistency: A lack of consistency or uniformity, often used interchangeably.
- variance: The fact or quality of being different, divergent, or inconsistent.
- difference: More general; 'discrepancy' implies a difference that is problematic or needs explanation.
- consistency: The quality of being in agreement or harmony.
- agreement: Harmony or accordance in opinion or feeling.
Commonly confused with
- error: An 'error' is a mistake, while a 'discrepancy' is the result of an error (or other factors), manifesting as a difference between expected and actual figures.
Word family
- discrepant (adjective): Lacking agreement or consistency.
Collocations
- major discrepancy
- minor discrepancy
- significant discrepancy
- resolve a discrepancy
- explain a discrepancy
- discrepancy in records
Example sentences
- "The auditor discovered a significant discrepancy between the inventory count and the records in the ledger, prompting further investigation." A discrepancy in financial records.
- "There was a noticeable discrepancy in the witness's testimony compared to the security footage, raising questions about their credibility." A discrepancy in witness accounts.
- "The accountant worked tirelessly to explain the discrepancy between the projected and actual sales figures for the last quarter." Explaining a discrepancy.
Memory hook
A DISCREPANCY is when things DISAGREE and don't match up. Disagreeing numbers
When not to use
Don't use 'discrepancy' for a minor difference that is easily explained or expected; it implies a notable and often problematic inconsistency.
Fun facts
- Detecting discrepancies is a primary goal of auditing and reconciliation processes.
- In forensic accounting, identifying and explaining discrepancies is crucial for uncovering fraud.
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