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In the determination of eye color, the HERC2 gene overrides the instructions of the OCA2 gene. If individuals are homozygous for a recessive allele of HERC2, they will have blue eyes regardless of the genotype associated with OCA2. This is an example of
Ending Inventory
The value of goods available for sale at the end of an accounting period, calculated by adding new purchases to beginning inventory and then subtracting goods sold.
Periodic Inventory System
An inventory system in which the inventory records are updated only after a physical count has been taken at periodic intervals, usually at the end of an accounting period.
Inventory Account
An account in the ledger that tracks the cost of goods a company has in stock that are available for sale.
Internal Control
Processes adopted by organizations to ensure accuracy and integrity in financial reporting, operational efficiency, and compliance with laws and regulations.
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