8 chapter 4 Chapter 8 Questions 1 What are the steps to create a Profit and Loss budget? 2 What value do budgets provide a business? 3 Why should a business reconcile a checking account? Who should prepare a bank reconciliation? 5 Explain the difference between the Budget Overview report and the Budget vs. Actual report. 6 What button is used to replicate amounts across several months in the budget worksheet? 7. How do you know if you have correctly reconciled an account? 8 What are the steps to change a Budget Overview report from covering a year to covering just one month? 9 What should you do if you discover a deposit was recorded by the bank but not recorded in the checking account (determined to be an error in the checking account)? 10 What are the initial steps to begin a bank reconciliation