It gives each party a complete list of their incoming and outgoing funds. Fees associated with the transaction but paid prior to closing are also included. The actual statement looks a little different than the examples you'll see here, but that's just a matter of cosmetics.
All categories are the same.
If you prefer, download a PDF copy of the actual HUD-1, print it out, and follow along with the text. Where I live it's used for nearly all transactions that involve a buyer and seller, even cash closings. In real life, entries may still be coming in a few hours before closing. You could request a delay, but most buyers and sellers simply take the time to study the statement on their own, with their real estate agent, and with the settlement agent. The more people who review it, the more likely that errors will be detected.