When a Person Quits or Is Terminated from a Company,what

question 73

Multiple Choice

When a person quits or is terminated from a company,what should be done with the person's record in the payroll system?

• A)It should be deleted immediately to prevent bogus paychecks from being issued.
• B)It should be kept indefinitely.
• C)It needs to be kept at least until the end of the current year.
• D)There is no rule about the retention of payroll records.

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Definitions:

Growing Practice

An activity or profession that is experiencing an increase in size, number, or both, often used in relation to businesses or industries.

Issuing Business

A company or entity that offers securities for sale to the public or insiders, including stocks and bonds, to raise capital.

Finance Department

A division within a company that handles financial operations, planning, and strategies including accounting, budgeting, and investments.

Oversight Responsibility

The duty to oversee and ensure proper management and adherence to laws, regulations, and standards within an organization or system.