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.
Preparing general-purpose financial statements can be simple or complex depending on the size of the company. Some statements need footnote disclosures while other can be presented without any. Details like this generally depend on the purpose of the financial statements.