Homework i Saved Exercise 1-3 Describing accounting responsibilities LO C2 Many accounting professionals work in one of the following three areas. A. Financial accounting B. Managerial accounting C. Tax accounting Identify the area of accounting that is most involved in each of the following responsibilities. Area of Accounting Responsibilities 1. Enforcing tax laws 2. Preparing external financial statements 3. Planning transactions to minimize taxes 4. External auditing Internal auditing 6. Reviewing financial statements for criminal investigations 7. Estate planning 8. Consulting with treasurer on cash flows Financial accounting Managerial accounting Tax accounting