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.
DEFINITION of 'Financial Statements'. Records that outline the financial activities of a business, an individual or any other entity. Financial statements are meant to present the financial information of the entity in question as clearly and concisely as possible for both the entity and for readers.EFINITION of 'Financial Statements'. Records that outline the financial activities of a business, an individual or any other entity. Financial statements are meant to present the financial information of the entity in question as clearly and concisely as possible for both the entity and for readers.