Direction(1-5): Read the following passage carefully and answer the questions given below it.

When Afghan lawmakers were debating rules of conduct for accountants, some were confounded by their strictness. Why should those found guilty of murder, asked one member of parliament, be struck off? That is a sign of the challenges facing the professional body for bean-counters, Certified Professional Accountants (CPA) Afghanistan, which was launched last month. Attempts to establish a home-grown profession start from a low base. Back in 2009 Kabul, a city of around 4m, had fewer than 20 qualified accountants. Neither standards nor oversight for the profession were in place. Most local outfits were branches of firms from elsewhere in South Asia or farther afield. Boring old accountancy might not seem a priority for a war-torn country. But in business it can foster trust and transparency—scarce commodities in a country where corruption is systemic. Because of the difficulty of verifying borrowers’ financial positions and valuing their collateral, banks are extremely reluctant to lend to the private sector; credit amounted to only 3% of GDP as of August. The need for formal records, along with high interest rates, deter smaller firms from approaching banks altogether; in turn, they remain locked into the informal sector. Financial accounts prepared or audited by accountants could help to break that cycle.

Accounting norms could also ease the entry of foreign investors—which is why Muhammad Zarif Ludin, the chief executive of the CPA, wants to adopt international standards. Mr Ludin developed CPA Afghanistan as part of a World Bank-funded project, which is also tackling the shortage of accountants by offering scholarships to those studying for international qualifications. So far, more than 1,000 people have begun the process of qualifying—around a third of them women. That is encouraging in a country where less than a fifth of women over the age of 15 are in the workforce. The potential gains are large, but will the budding profession thrive in a harsh climate? As lawmakers’ attitudes suggest, establishing an accounting culture will take time. So far, though, demand has more than kept up with the supply of new accountants, says Mr Ludin, with interest from charities, government and big business in Kabul. If bean-counters do indeed manage to make access to funds easier and cheaper, then they might make a killing of their own in the local market.

1. What types of challenges Certified Professional Accountants Afghanistan are facing?

  1. Strictness in the rules of conduct for accountants.
  2. Less scope for the accountants in Afghanistan.
  3. Number of hurdles is increasing in the way of accountants.

2. What is true regarding the passage ?

  1. Earlier there were very less accountants in Kabul.
  2. Mostly accounts firm were from other countries.
  3. Main reason for less accountants were political instability in Afghanistan

3. Why author said that accountancy might not be a priority?

  1. Because author sees their less scope of accountancy.
  2. Because Afghanistan is a war-torn country.
  3. Because author sees the lack of accountant in Afghanistan.

4. What is true regarding Muhammad Zarif Ludin?

  1. He want the ease in the entry of foreign investor in Afghanistan.
  2. He want to adopt international standard of accounting norms.
  3. He wanted that more foreign accounting firm come in Afghanistan.

5. Why author concludes that accounting culture will take time in Afghanistan?

  1. Because lawmaker’s attitude doesn’t suggest a friendly environment.
  2. Due to less number of accountants.
  3. Due to lack of interest of government in policy making for accountants.

Directions (6-10): Read the following passage carefully and answer the questions given below it.

“The horse may be out of the proverbial barn.” So wrote Ben Bernanke, a former chairman of the Federal Reserve, in early 2016, arguing that capital controls might be powerless to save China from a run on its currency. He was far from alone at the time. As cash rushed out of the country, analysts debated whether the yuan would collapse, and some hedge funds bet that day was coming fast. But two years on, the horse is back in the barn: the government’s defence of the yuan has succeeded, in part through tighter capital controls. The latest evidence was an 11th consecutive monthly increase in foreign-exchange reserves in December. During that time China’s stockpile of official reserves, the world’s biggest, climbed by $142bn, reaching $3.14trn, roughly double the cushion usually regarded as needed to ensure financial stability. Another sign of China’s success is the yuan itself. At the start of 2017 the consensus of forecasters was that the currency would continue to weaken; it finished the year up by 6% against the dollar. Investors and analysts were not wrong in viewing Chinese capital controls as porous. Enterprising types had—and have—umpteen ways to sneak money out, from overpaying for imports to smuggling cash across the border in luggage. But there is a wide spectrum between a fully open and fully closed capital account, and China has showed over the past year that it can tilt towards closure, at least for a time. Its measures were directed at actors big and small. Under more scrutiny from regulators, China’s overseas acquisitions fell by more than a third, to $140bn last year. Individuals were still permitted to convert up to $50,000 a year, but they faced heavier disclosure burdens. The government is in no hurry to relax these controls: a new, lower ceiling on withdrawals from ATMs abroad went into effect on January 1st.

Also crucial to China’s defence of the yuan was an economic rebound. Housing prices soared and industrial firms’ profits rose by 20% last year on the back of higher commodity prices. Here, Mr Bernanke can claim some vindication: in looking at China’s options in 2016, he had suggested that a fiscal boost would support growth and so help keep cash at home. An unconventional policy mix—investment in low-income housing and closure of excess industrial capacity—did the trick. China had a stroke of good luck, too. Many had thought that Donald Trump’s presidency would initially add to dollar strength, which might have pulled cash away from China. But America’s political muddle instead weighed on the dollar. Not only did that boost the relative allure of Chinese assets, it also made its foreign-exchange reserves look more valuable in dollar terms, because roughly a third are held in other currencies. Over the past year, true inflows accounted for just about a third of the rise in China’s reserves; valuation changes explained the rest. Other Asian economies with hefty foreign-currency reserves, from Japan to Taiwan, reaped similar gains. As America cuts taxes and raises interest rates, the dollar may soon perk up. But China has less cause for concern than in 2016. Capital controls have reinforced the bolts on its barn door. And with growth holding up, the horse inside is well-fed.

6. According to the passage what is true about Ben Bernanke?

  1. According to him China will loose the battle to save the Yuan.
  2. He was the only person who commented in against of China’s capital control.
  3. His prediction about China’s capital control proved wrong.

7. Why author argued that analysis become false of China’s capital control?

  1. Due to regular increase in foreign exchange reserves.
  2. China’s financial reserve is more than the total financial reserve needed for financial stability.
  3. Because Mr. Ben Bernanke is not agreeing with the views of analyst.

8. What types of capital control steps China took?

  1. Reduction in the smuggling of the cash.
  2. Reduction in the ceiling of withdrawal from ATMs abroad.
  3. Relaxation in the disclosure of financial statement.

9. What are true regarding the passage?

  1. Increase in the housing price helped China for capital control.
  2. Industrial capacity reduced if it is in excess for capital control.
  3. Excess industrial capacity is result of capital control.

10. Why author said that a luck factor also work for China’s capital control?

  1. Due to American political muddle China’s foreign reserves look more valuable in dollar terms.
  2. Because Donald Trump elected as a US president.
  3. Sudden inflows of cash helped China’s a lot.
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