Fiddling around, adjustment layers appears to affect the layer you've selected and all the layers below it, but not any above it. Now adjustment layers is a feature I don't use. If I want to adjust something in a layer I'm working on I just go up to Image/Adjustments and pick whatever I want to do. The adjustment layers feature is something that's offered as sort of a temporary adjustment to a layer and the ones below without committing permanently to the "adjustment". If I'm just farting around and think I may want to go back to the unadjusted version of a layer, I duplicate it before changing it, turn off the "eye" and move it to the bottom of the layer's palette, giving it an appropriate name or renaming the version I do alter. Then, when I'm finished with the work and I know I no longer need the unadjusted version, I delete it.
I'm not sure if this is what you're looking for or not.