select all that apply Why are the adjustments important to the preparation of the financial statements? (Check all that apply.) Multiple select question. Adjustments ensure that the balance sheet reports all of the economic resources the company owns and all of the obligations the company owes. Adjustments ensure the revenues the seller has performed of its obligation and expenses incurred are reflected in the income statement. Unadjusted financial statements will always show net income because the expense accounts have not been brought up to date. Unadjusted financial statements could present a misleading and incomplete picture of the company's financial results