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.
Student: Molly T. IFRS does not require a specific order or classification of accounts on the statement of financial position. It is loosely recommended that companies report assets in reverse order of liquidity. The main goal is to give users of financial statements a clear understanding of the companyâs asset structure.