Final answer:
A list of accounts and only their balances at a given time is called a trial balance, which is distinctive from a journal, posting, or an income statement, and is used to ensure that total debits and credits in ledger accounts are equal.
Step-by-step explanation:
A list of accounts and only their balances at a given time is called a trial balance. A trial balance is not a journal, posting, nor is it an income statement. It is a part of the accounting process that summarizes all the ledger accounts' balances into debit and credit columns to ensure that the total debits equal the total credits, indicating that the accounts are properly balanced for financial reporting purposes
For example, a T-account, which is a form of the general ledger account, also contributes to the creation of a trial balance with its two-column format resembling a 'T' shape. Unlike the more detailed balance sheet which includes assets, liabilities, and the bank's net worth as bank capital, the trial balance strictly deals with the ledger account balances.