What are the key differences between managerial and financial accounting?

Managerial and Financial accounting are just two examples of the many facets of the accounting world. As the world of accounting has changed greatly in the last ten years, there is a new focus on the importance of ethics in all areas of the accounting profession.
What are the key differences between managerial and financial accounting?
Why has ethical behavior in the area of accounting and finance become so important?

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