Financial accounting is the mechanism by which an organization tracks, lists and publishes

corporate transactions via financial statements. FA includes the following in them; income
statement, the balance sheet, the cash flow statement and the statement of retained earnings.
Financial accounting is primarily concerned with producing such records on the basis of reliable
evidence and in compliance with "generally accepted accounting principles" (or GAAP). For a
large variety of problems, including the reporting of financial accounts, GAAP provides
accounting principles.

Often known as cost accounting management, the management accounting method gathers
details to allow executives to take action and prepare for potential company needs. We also
struggle with "what if" situations in management accounting. There are very few laws, although
several common practices are available. It reflects primarily on today and the future. In
comparison to external financial accounting, management accounting is targeted towards internal
administrators. Management accounting is structured to help management prepare for the future,
take business actions, and develop the consistency of their strategies and decisions.

As applied to my professional Career

Working in a bank it becomes more important to learn and understand managerial accounting as
it helps to find and deal with the latest information. Right and managerial decision-making is
feasible with the operational details on the operations of the financial companies, in case of
insurance executives, heads of divisions and commercial bank administration[CITATION Can \l
1033 ]. The property management accounting method is directly related to the bank's
organization’s entity and to significant challenges in realizing the future advantages of the
management accounting for effective bank operations. In terms of bank it is not just to see the
statement and find out profit or loss but how to increase the performance of the organization in
less time and become more productive with low cost. It is easy to find out the incomes ass most
of them are through interest but it is more challenging to figure out smallest of the expenses
according to their classification and handle them in accordance. And this is why I think
managerial account plays a vital role in context of banking sector.

References

Cantemir, D. (2014). ROLE AND IMPORTANCE OF MANAGERIAL ACCOUNTING INTO

BANKING SECTOR. Knowledge Horizons - Economics, 6(4), 57-62.