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.
Accounting standard. Financial statements prepared and presented by a company typically follow an external standard that specifically guides their preparation. These standards vary across the globe and are typically overseen by some combination of the private accounting profession in that specific nation and the various government regulators. Variations across countries may be considerable making cross country evaluation of financial data challenging.