There are two types of body waves: P-waves and S waves. 1  P - waves - are Primary waves. They travel with a velocity that depends on the elastic properties of the rock through which they travel. 2  S-Waves - Secondary waves, also called shear waves.
GAAP requires the following four financial statements: 1  Balance Sheet - statement of financial position at a given point in time. 2  Income Statement - revenues minus expenses for a given time period ending at a specified date. 3  Statement of Owner's Equity - also known as Statement of Retained Earnings or Equity Statement.
A business entity uses financial statements to communicate about its financial information with interested parties, including investors and creditors. Four financial statements must be prepared to ...