When is a trial balance usually prepared?

Question

Quizplus · Accepted Answer

A trial balance is usually prepared before financial statements are prepared, as it serves as a tool to ensure that the total debits equal the total credits and that all transactions have been properly recorded. It is used as a basis for preparing financial statements such as the income statement and balance sheet. A trial balance is not prepared after each journal entry, after financial statements are published, or at the beginning of an accounting period.

When Is a Trial Balance Usually Prepared