Economics · Accounting Principles and Adjustments

Which TWO of the following statements concerning year-end financial accounting adjustments are true? 1. Any balance on a suspense account should be automatically charged directly to general administrative expenses. 2. A year-end accrual is typically reversed at the beginning of the next accounting period. 3. No postings are made to the inventory account under a periodic system until the physical inventory is counted at the year end. 4. Provisions are posted as debit balances in the statement of financial position.