deficiency
noun [ C ]
uk/dɪˈfɪʃənsi/ usplural deficiencies [ C ]
a situation in which something is not as good as it should be:
a deficiency in sth The audit revealed deficiences in the accounting system.
an operations/performance/service deficiency
identify/highlight a deficiency We need to identify any deficiencies in the system and address them immediately.
address/correct/remedy a deficiency
ACCOUNTING
the amount by which something such as income or profit is less than it should be:
a deficiency in sth They are not permitted to borrow additional funds as long as any deficiency exists in the capital reserve fund.
The accounts show a balance sheet deficiency - the amount by which liabilities exceed assets - of £13.19m at December 31.
The company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern.
TAX, ACCOUNTING US
the amount by which the tax recorded in someone's financial records is less than the tax they actually owe, or a situation in which this happens:
The IRS notified him that he was subject to a $10000 tax deficiency for the 2009 tax year.