Trial Balance is a list of accounts and their balances at a point of time. True False

The statement is True.

Explanation:

A Trial Balance is indeed a financial statement that lists all the accounts of a business, along with their respective balances, at a specific point in time. It is an essential step in the accounting cycle, serving several purposes.

Primarily, the Trial Balance is used to verify that the total debits equal the total credits in the accounting records, which is fundamental to the double-entry bookkeeping system. If the totals do not match, it indicates that there may be errors in the ledger entries, requiring further investigation.

Additionally, the Trial Balance provides a comprehensive overview of the company's financial position, assisting accountants in preparing the financial statements such as the income statement and balance sheet. In summary, the Trial Balance serves as both a verification tool and a preliminary step in the financial reporting process, solidifying its importance in accounting practices.