The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at http://annualreport.marksandspencer.com/ _assets/downloads/Marks-and-Spencer-Annual-report-and-financial-statements-2012. pdf.

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.