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True or False - Adjustments that are made for Non-Reoccurring events have impacts to both the Income Statement and the Balance Sheet

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True or False

- Adjustments that are made for Non-Reoccurring events have impacts to both the Income Statement and the Balance Sheet.

- Examples of Non-Reoccurring events include tax adjustments, reduction in head-count, goodwill impairments and external auditor expenses.

- If a firm has no Non-Reoccurring events over the past business cycle, then there are no adjustments required on the financial statements to conduct financial analysis.

- Scrubbing or sanitizing Non-Reoccurring items is accomplished by adding back or eliminating one time charges.

- The Business Profile of a firm contains important information such as the Business Sector, Products and Services, Geographic Area of operation and Customers.