Exercise 1-3 (Static) Describing accounting responsibilities LO C1 Determine whether each of the following accounting duties mainly involves financial accounting, managerial accounting, or tax accounting Accounting Duties 1. Internal auditing 2. External auditing 3. Cost accounting 4. Budgeting 5. Enforcing tax laws 6. Planning transactions to minimize taxes 7. Preparing external financial statements 8. Analyzing external financial reports Area of Accounting