Inventory valuation affects both the balance sheet and income statement, thus impacting the trial balance as it reflects the value of inventory held by the business.

A trial balance should be prepared as needed, typically at the end of an accounting period or when discrepancies are suspected.

Accumulated depreciation is found in the Assets section of the trial balance as it is a contra asset account that reduces the value of fixed assets.

A trial balance with a debit balance indicates that there are more debits than credits, which may suggest an error in the accounting records.

An error in the journal entry may or may not cause the trial balance to be out of balance, depending on whether the error affects the equality of debits and credits.

An error in the trial balance may lead to incorrect financial statements, as the trial balance is the basis for preparing them.

Depreciation decreases asset balances on the trial balance as it represents the allocation of the cost of an asset over its useful life.

When preparing a trial balance, all accounts with balances, including assets, liabilities, equity, revenues, and expenses, are included.

Both IFRS and GAAP require the preparation of a trial balance as part of the accounting process to ensure accuracy in financial reporting.