Recently I had to use a Yes/ No field in my calculated column. Let us assume my Yes/No field is called “YesNo”.  Let us have another field called “Calculated”. I had to take some decision around the value in the Yes/ No field. So I embarked on the route to check YesNo=”Yes” then setup the the calculated column as something, if YesNo=”No”, then setup the calculated column as something else.
I did not find the above to work reliably. While trying things out, I discovered something else that is interesting. If you use TRIM([YesNo]), “Yes” will resolve to TRUE and “No” will resolve to FALSE. Then you can use this reliably as your condition in your calculated field.