While I understand that the exam will be based on a scale of 0-500, I had some questions relative to questions answered correctly versus total amount of questiona answered.

Is it better to try to answer all 100 multiple choice questions, even if I am not fully sure of my answer or is it better to confidently answer less questions while answering them correctly?

Thanks for any guidance.

Anyone else have this problem in Texas or another state? 

I hold the CMA and the Enrolled Agent credentials.  About a year ago, I moved to Texas and set up a business to prepare tax returns and provide management accounting services to businesses.  My wife got a position here, so I left my old job in California to be with my family.  On my website, I put the CMA and EA initials after my name, described myself as a Certified Management Accountant and Enrolled Agent, and mentioned my 15 years experience in corporate accounting and taxation. 

Then last week I received a "Cease and Desist" order from the Texas Board of Accountancy, saying that I was practicing public accounting without a license.  Obviously, that is not true, but they included copies of my website and highlighted the items that I needed to remove.  The items included: the CMA after my name, description of management accounting and the Certified Management Accountant designation, as well as my mentioning corporate accounting as part of my experience.

I reluctantly edited my website, but I feel really bad about being forced to remove the CMA credential that so many of us worked hard to obtain.  Also, as I take personal integrity and ethics very seriously, this Cease and Desist order which came without any warning whatsoever, will probably go on some sort of record which is a bit upsetting.

Does this mean that no CMA in Texas is allowed to display their credential on a resume or other advertisement?  I never had a problem in California where I had spent most of my career.  How does this affect people wishing to set up a "CMA Firm" where they provide services, such as interim Controller function, strategic financial analysis, budgeting, forecasting, etc.?  Any other thoughts or suggestions?  Thanks!

-Keith

 A fellow IMA member asked this question, so I'm asking you:

My large Denver based non-profit client has an accounting question that I need some help with. They have a number of government agencies, like the EPA, who award grants to them for their projects concerning Denver and Colorado environmental issues. The company has a company van they use to transport volunteers to various sites and carry supplies for specific projects.  The grantors allow my client to bill them 51 cents per mile (in 2011) for mileage on the vehicle related to their projects. This would be in addition to the actual grant amount.

The question involves the accounting for the company vehicle mileage reimbursement.  I think this reimbursement would be recorded as revenue, rather than an offset to vehicle operating expenses.  I would set up a separate revenue account for that purpose.

 Do you have experience with situations where a client or customer pays a company for company vehicle mileage at the standard IRS reimbursement rate? How would you handle it?