[ScarletKnightCPA]

Is it me or has anyone else noticed that the current upgraded Wiley Test Bank (CPA Excel) has lots of mistakes and errors, at least for BEC?

I have seen several examples, here is one:

PERM-0071
Need a hint?See Reference…
Based on the following data, what is the gross profit for the company?
Sales $1,000,000
Net purchases of raw materials 600,000
Costs of goods manufactured 800,000
Marketing and administrative expenses 250,000
Indirect manufacturing costs 500,000
Beginning inventory Ending inventory
Work in process $500,000 $400,000
Finished goods 100,000 500,000
$200,000
$400,000
$900,000
$200,000
This answer is correct because gross profit is equal to sales ($1,000,000) minus cost of goods sold ($400,000), or $600,000. Cost of goods sold is calculated by adding beginning finished goods inventory ($100,000) to cost of goods manufactured ($800,000) and deducting ending finished goods inventory ($500,000).

It says that the answer is “900,000” selection, but the explanation says that gross profit should be $600,000. Also, it listed the same answer, $200,00, twice. I’ve seen in a different question that it listed the same answer twice and one of them was the right one and the other one was wrong.

 

 

Far: 76 (Wiley Test Bank)
Aud: 77 (Wiley Test Bank)
Reg: 61, 76 (Wiley book, Wiley Test Bank)
Bec: 86 (Wiley Test Bank)

MBA in progress

[ScarletKnightCPA]

Another mistake it looks like. I googled this and it looks like that the answer used to be B 70,000 but now is C 75,000 and the explanation doesn't seem to be the correct explanation

See this link for what I am talking about https://www.another71.com/cpa-exam-forum/topic/aicpa-released-bec-mcq-31

Question 5:

PLAN-0119

Need a hint?See Reference…

Johnson Co., distributor of candles, has reported the following budget assumptions for year 1: No change in candles inventory level; cash disbursement to candle manufacturer, $300,000; target accounts payable ending balance for year 1 is 150% of accounts payable beginning balance; and sales price is set at a markup of 20% of candle purchase price. The candle manufacturer is Johnson's only vendor, and all purchases are made on credit. The accounts payable has a balance of $100,000 at the beginning of year 1. What is the budgeted gross margin for year 1?

$60,000

$70,000

$75,000

$87,500

When production is greater than sales, absorption costing income will be greater than variable costing income. This is because when production is greater than sales, more fixed costs are deferred in the inventory cost to the next period under absorption costing.

Far: 76 (Wiley Test Bank)
Aud: 77 (Wiley Test Bank)
Reg: 61, 76 (Wiley book, Wiley Test Bank)
Bec: 86 (Wiley Test Bank)

MBA in progress

[stoleway]

@ScarletKnightCPA

I have also come across this and I agree with you, they are wrong answers, good thing you know the concepts.

Gleim have the same questions and the correct answers. You're not crazy…lol

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[klink24]

@SkarletKnightCPA, I posted the one about absorption costing in the BEC review thread. You'll come across the question related to that explanation at some point if you haven't already.

FAR: 4/19/2014 - 85!
AUD: 5/27/2014 - 90!
REG: 7/18/2014 - 81!
BEC: 8/13/2014 - 84!

4 up, 4 down, in 4 months.

Licensed 9/22 in NC.

[Julia_anika]

I don't know what happened with Wiley, but BEC test bank is full of mistakes! It's very annoying.

NYC, NY
FAR - 82 Jan 2014
AUD - 86 Apr 2014
BEC - 77 Aug 2014
REG - 79 Nov 2014

[Tux]

Yikes!

I'm using Wiley for BEC too, and I have no way of knowing which ones are incorrect.

I guess I'll figure it out on the ones that the solution doesn't make sense, but because I'm just learning this stuff, many of them don't make sense simply because I don't know the information well enough.

FAR - 86 - 2/27/14
AUD - 75 - 5/29/14
BEC - 80 - 8/31/14
REG - 89 - 2/27/15
Praise Jesus! I'm done!!

Study resources:
Becker
Wiley test bank

[stoleway]

Another wrong answer….The right choice is not even in the list

A company has cash of $100 million, accounts receivable of $600 million, current assets of $1.2 billion, accounts payable of $400 million, and current liabilities of $900 million. What is its acid-test (quick) ratio?

0.11

0.11

1.75

2.11

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[Anonymous]

Stoleway I've seen that one. The correct answer according to wiley is the second .11 lol

[jaldri01]

This does not set good with me. I was planing on purchasing the CPAexcel Gold product, and now if they have issue like this, I wonder if this is carried over with any issues in their online/printed books, or MCQs/Simms that come with the “Gold”. I am not interested in the test bank, between being a single father of 5 young kids and working full time, I think I will have just enough time for what the GOLD product has to offer.

[lanoner]

The quick ratio answer is also incorrect in Becker on that question.

Link: Current CPAexcel Discount Codes

AUD 83
FAR 80
REG 83
BEC 81

[Author]

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