The document discusses the trial balance, which is a list of ledger account balances that is prepared after all accounting entries for a period have been recorded. It serves to check that the total debits equal total credits, ensuring the double entry system was used correctly. If the trial balance does not balance, errors must exist in the accounting records and need to be identified and corrected. While a trial balance checks for errors in posting or arithmetic, it will not detect more complex errors or those that cancel each other out.