Silvia Has Blond Hair,even Though Her Mother and Father Each

question 29

Multiple Choice

Silvia has blond hair,even though her mother and father each have brown hair.What do we know about Silvia's parents?

• A)At least one of her parents has a recessive gene for blond hair.
• B)Each of her parents must have one recessive gene for blond hair color.
• C)Each of her parents must have one dominant gene for blond hair.
• D)Neither of her parents has a gene for blond hair.

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Definitions:

Closing Process

The closing process in accounting involves summarizing all revenues and expenses for the period and transferring the balances to the owner's equity account to prepare for the next accounting period.

Temporary Accounts

These are accounts that are closed at the end of each accounting period, including revenues, expenses, dividends, and income summary accounts, to prepare the company for a new accounting period.

Retained Earnings

The portion of net income not distributed as dividends but retained by the company to reinvest in its business or to pay debt.

Accounting Period

A specific duration of time for which financial statements are prepared, often annually, quarterly, or monthly, to measure financial performance.