Final answer:
A list of accounts and their balances at a given time is known as a trial balance. It is a precursor to creating financial statements and checks the balance of debits and credits. The balance sheet, by contrast, lists assets, liabilities, and equity at a specific time.
Step-by-step explanation:
A list of accounts and their balances at a given time is called a trial balance. This accounting tool is used to ensure that debits and credits are in balance before financial statements are prepared. A trial balance includes the account names and their respective ledger balances, listed in separate debit and credit columns. It is a step in the accounting cycle that precedes the creation of the balance sheet and income statement. In accounting, the trial balance is often confused with the balance sheet, but they serve different purposes. The balance sheet, which is also an essential financial statement, lists a company's assets, liabilities, and equity at a specific point in time. It provides a snapshot of the company's financial health and is used to calculate the net worth, or equity, which is the asset value minus the liabilities owed.