Correct, or you can write to the registers that need to be written to (looks like a lot of thresholds in the datasheet
Basically both the arduino and the adxl345 are both on the same BUS, the arduino is the master and the adxl345 is the slave.
1. The arduino activates the BUS, all the slaves listen in
2.The arduino writes a slave address and whether it wants to read or write to the BUS
3.All the slaves listen for the address, compare it to their own address and if it's not equal they stop listening, this means that now only the slave you want is listening to the arduino. The slave then looks at whether you want to read or write and gets into the correct mode
4.The arduino then writes a register address to the BUS, the selected slave reads it and notes down the register address.
5.If the arduino wanted to write it would send the byte and the slave would write it into the noted register, if the arduino wanted to read the slave would send the data from the noted register to the arduino.
edit:Fix'd for being basically unreadable