Accounting Definitions (10 min) E1-3A. Many accounting professionals work in one of the following areas: a. Financial accounting b. Managerial accounting c. Taxation accounting d. Other accounting related activities For each of the following responsibilities, identify the area of accounting that most likely involves that responsibility. 1. Cost accounting 2. Budgeting 3. Internal auditing 4. Preparing financial statements 5. Accounting consultants 6. Investigating violations of tax laws 7. Insurance appraisers 8. Review cost data per unit produced 9. Prepare tax returns 10. Review financial statements for loan requirements ACCOUNTING CONCEPTS AND PROCEDURES 37