Final answer:
The statement that firing personnel terminates the payroll and personnel cycle is False. Termination of employment is only one component of the comprehensive cycle, which includes various ongoing tasks essential for business operations and compliance with regulations.
Step-by-step explanation:
Firing personnel does not terminate the payroll and personnel cycle; this statement is False. The payroll and personnel cycle is a comprehensive process that includes hiring, managing employee information, processing payroll, complying with regulatory requirements, and, finally, terminating employment when necessary.
Termination is just one stage in the ongoing payroll and personnel cycle; the cycle itself continues as the business hires new staff, manages current employees, and performs other related activities. These functions are essential for the orderly operation of a business and ensuring continued compliance with labor laws and tax regulations. Even after an individual's employment ends, certain tasks like finalizing payroll, issuing final paychecks, processing benefits, and maintaining records must be completed to fully close out that person's employment cycle within the organization.