This had been bugging me all weekend...I took a Wiley practice exam and one of the simulations had me complete an Excel-type spreadsheet with formulas to re-calculate depreciation. The instructions stated that depreciation was straight line based on a percentage and that a half-year of depreciation should be calculated for any asset retirements or purchases. So for example, I typed in this formula to calculate depreciation on a purchased asset...
(B5*C5)/2 where B5 = book value and C5 = provided % rate
After checking my answers, Wiley marked each of my formulas wrong saying that the correct formula should be...
Obviously both formulas arrive at the same amount, but Wiley marked my answers wrong!! Is this something I need to worry about on the actual exam? Or is it just a Wiley glitch? Anyone have any thoughts?
REG = 82 (Nov 2010)
AUD = 87 (May 2011)
FAR = 91 (Aug 2011)