A Trial Balance is an accounting report that lists the balances of all ledger accounts at a specific point in time. It is used to ensure that the total debits equal the total credits, which helps verify the accuracy of the bookkeeping process. If the two totals match, it indicates that the accounts are in balance, but it does not guarantee that there are no errors. The Trial Balance is typically prepared at the end of an accounting period, such as monthly or annually. It serves as a preliminary step before creating financial statements like the Income Statement and Balance Sheet. By identifying discrepancies, accountants can investigate and correct errors before finalizing the financial reports.