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.
struggling excessively through the rema ining chapters of this section of the book, we recommend. that you re -read this chapter - several times if necessary! In this chapter, we outline the structure and composition of the two main financial. statements used by businesses: the income statement and the balance sheet. Specifically, we. present a basic description of the most common account items found on financial statements.