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 Financial accounting Responsibilities 1. External auditing 2. Reviewing financial statements for criminal investigations 3. Budgeting 4. Analyzing external financial reports 5. Preparing external financial statements 6. Investigating tax fraud 7. Planning transactions to minimize taxes 8. Consulting with treasurer on cash flows Managerial accounting Tax accounting