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What criteria does mands use to recognize revenue

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Reference no: EM131592316

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

Reference no: EM131592316

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