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:

1 Internal auditing. 5 Investigating violations of tax laws.

2 External auditing. 6 Planning transactions to minimize taxes.

3 Cost accounting. 7 Preparing external financial statements.

4 Budgeting. 8 Reviewing reports for SEC compliance.