Final answer:
The statement is true: a trial balance is indeed utilized to prepare the income statement by ensuring that the total debit and credit balances are equal for accurate financial reporting.
Step-by-step explanation:
The statement that the trial balance is used to prepare the income statement is A. True. A trial balance is an internal report that lists the balances of all ledgers accounts and is used to check the mathematical accuracy of books of accounts. Before preparing the income statement, which reflects the company's financial performance over a specific period, accountants must first ensure that debits and credits are in balance, which is verified by the trial balance. The trial balance ensures that the total debit balances equal the total credit balances, which is necessary for the accurate preparation of main financial statements, including the income statement.