For how long do retailers typically keep receipts?

• A. 6 months
• B. 1 year
• C. 2 years
• D. 3 years

Answer: (B)

Retailers typically keep receipts for a duration of about one year due to various business needs, including inventory management, customer service, and tax recording. One year allows sufficient time for retailers to address any returns, exchanges, or disputes that may arise regarding product purchases. Additionally, maintaining receipts for this period aligns with common accounting practices, as it helps retailers track their sales and expenses accurately within a typical financial year. After one year, the necessity for these records usually diminishes, since most transactions are resolved within that timeframe, and retention policies often shift toward more recent records for compliance and clarity.