Select the aspect of accounting associated with the following activities. Aspects of Accounting Recording Activities 1. Measuring shipping costs. 2. Reporting the profitability of a product line. 3. Presenting financial information. 4. Observing sales transactions. 5. Acquiring knowledge of events with business implications. 6. Reporting debt owed to lenders 17. Preparing an internal report for management. 8. Observing transactions and events. Communicating Identifying Recording Determine whether each of the following accounting duties mainly involves financial accounting, managerial accounting, or tax accounting Area of Accounting Managerial accounting Responsibilities 1. Consulting with treasurer on cash flows 2. Intemal auditing 3. Estate planning 4. External auditing 5. Tax consulting 6. Analyzing extema financial reports 7. Planning transactions to minimize taxes B. Enforcing tax laws Financial accounting Tax accounting