Adjusting entries are necessary to 1. update all revenues (if now earned) and all expenses (if now "used up"). 2. achieve an accurate statement and ensure a proper matching of revenues and expenses. 3. adjust assets and liabilities to their fair market value. O a. 3 O b. 1 O c. 2 O d. 1 and 2 The two fundamental qualities that make accounting information useful for decision making are O a. faithful representation and comparability. O b. comparability and timeliness. O c. relevance and faithful representation. O d. materiality and neutrality.