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