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This simple scenario may help you to understand how these terms are interrelated.

Mr and Mrs Average need to go to a supermarket to buy food and other household items. They make a list beforehand that sets out all the things they need. As they go round the supermarket they tick off the items on the list. If a particular item is not available they choose an alternative from the range on the shelves.

They also buy a bottle of wine and two bars of chocolate. These were not on their original list.

(a) What part or parts of this activity would you describe as planning?

(b) There are several examples of decision making in this story. Identify three of them.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91573557

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