Established in 1919, the CIMA offers an internationally-respected management qualification. This study text is designed for paper 12 of stage 3 of the 2001/01 CIMA professional examinations in management accountancy. Taking into account time pressures, the guide covers the exam syllabus and, where possible, highlights key examinable topics. It is designed to be self-contained, covering the whole syllabus, and is revised in response to syllabus and legislative changes. The 2000/2001 CIMA study materials comprise a range of study texts, practice and revision kits, and passcards - all available separately, and covering papers 1 to 16 from stage 1 up to stage 4. Each study text is targeted at (and titled for) a specific paper of the CIMA and includes the syllabus, guidance from the examining body cross-referenced to the text, a review of relevant past papers, and a study checklist. Each topic is covered in single-chapter study units, with introductions, study objectives and summaries of key points. In addition, it includes a glossary of key technical terms, and a detailed topic index for ease of reference.