Question: The financial statements of Marks and Spencer plc (M&S) are available at the book's companion website.
Instructions: Refer to M&S's financial statements and the accompanying notes to answer the following questions.
(a) What were M&S's sales for 2012?
(b) What was the percentage of increase or decrease in M&S's sales from 2011 to 2012? From 2010 to 2011? From 2010 to 2012?
(c) In its notes to the financial statements, what criteria does M&S use to recognize revenue?
(d) How does M&S account for discounts and loyalty schemes? Does the accounting conform to accrual-accounting concepts? Explain