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.
How to Do a Fye Financial Statement. Certified Public Accountants, CPAs, and business owners prepare financial statements. The primary difference is that CPA prepared financial statements are often provided to banks and financial institutions when a company applies for credit lines and other loans due to the assurance provided by the CPA. However, banks may request financial statements at a point in time other than December 31.