Microprocessor
In 8085

P flag is set when the result has even parity
P flag is set when the result has odd parity
P flag is reset when the result has odd parity
P flag is reset when the result has even parity

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Microprocessor
A high on RESET OUT signifies that

 all the registers and counters are being reset
 all the registers and counters are being reset and this signal can be used to reset external support chip
 processing can begin when this signal goes high
 all the registers of the CPU are being reset

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