PracticeVideosBlogFlashcardsEspañol
All Practice Exams

Free Practice Questions for Korea Accounting Manager Level 1

Exam-style questions and explanations by OpenExamPrep.

✓ No registration✓ No credit card
100+ Questions
100% Free

Loading practice questions...

Exam Review

Key Facts: Korea Accounting Manager Level 1 Exam

80 questions

Official exam items (40 Financial Accounting, 40 Tax Accounting)

Samil PwC Testing Regulations

100 min

Total continuous exam duration

Samil PwC Testing Regulations

70 / 100

Passing mark required in each subject independently

Samil PwC Certification Standards

KRW 50,000

Official examination fee

Samil PwC Testing Center

Permanent

National-accredited qualification validity

Ministry of Economy and Finance

6-8 times/yr

Annual nationwide exam administrations

samiltest.com Official Schedule

회계관리 1급 (Accounting Manager Level 1) is a nationally accredited corporate accounting and tax certification administered by Samil PwC. The official exam consists of 80 MCQs (40 Financial Accounting, 40 Tax Accounting) in 100 minutes with a passing threshold of 70 points in each subject. OpenExamPrep provides a 100-question English study adaptation.

Sample Korea Accounting Manager Level 1 Practice Questions

Try these sample questions to review concepts for the Korea Accounting Manager Level 1 exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under General Accounting Standards for Non-Public Entities (일반기업회계기준), which of the following items is classified as Cash and Cash Equivalents (현금및현금성자산) on the statement of financial position?
A.Checking account deposit pledged as collateral (사용이 제한된 당좌개설보증금) for long-term loan facilities
B.Commercial paper (기업어음) with a remaining maturity of 60 days acquired 5 months ago with a 7-month original maturity
C.Post-dated check (기한부어음 성격의 선일자수표) received from a customer maturing in 60 days
D.Treasury bond acquired with an original maturity of 90 days from the acquisition date (취득일로부터 만기 3개월 이내)
Explanation: To qualify as cash equivalents (현금성자산) under K-GAAP, an investment must be readily convertible to known amounts of cash and subject to an insignificant risk of changes in value, having a short original maturity of 3 months (90 days) or less from the acquisition date. Securities whose remaining maturity falls below 3 months but had an original acquisition maturity exceeding 3 months are not reclassified as cash equivalents.
2Hankuk Corp. is preparing its bank reconciliation statement (은행계정조정표) as of December 31, 2026. The ledger cash balance is KRW 1,500,000. Reconciliation items include: customer note collected directly by the bank of KRW 300,000 (not yet recorded in ledger); bank service charge of KRW 20,000 (not yet recorded); outstanding checks (기발행미인출수표) of KRW 250,000; and deposit in transit (미기입예금) of KRW 400,000. What is the corrected cash balance (조정 후 당좌예금 잔액)?
A.KRW 1,480,000
B.KRW 1,650,000
C.KRW 1,780,000
D.KRW 1,930,000
Explanation: Adjusting the company ledger balance: unadjusted ledger balance (KRW 1,500,000) + bank collection of note (KRW 300,000) - bank service charge (KRW 20,000) = KRW 1,780,000. Outstanding checks and deposits in transit are bank-side reconciling items that reconcile the bank statement balance to the identical corrected cash balance of KRW 1,780,000.
3At year-end December 31, 2026, Samil Corp. holds the following items: Currency and coins (KRW 500,000), traveler's check (KRW 200,000), 6-month time deposit maturing on February 15, 2027 (acquired September 15, 2026, KRW 1,000,000), 60-day commercial paper acquired December 10, 2026 (KRW 800,000), and a customer's dishonored check (부도수표, KRW 300,000). What total amount should be reported as Cash and Cash Equivalents (현금및현금성자산)?
A.KRW 1,500,000
B.KRW 1,700,000
C.KRW 2,500,000
D.KRW 2,800,000
Explanation: Cash and cash equivalents include currency/coins (KRW 500,000), traveler's check (KRW 200,000), and 60-day commercial paper acquired with maturity under 90 days (KRW 800,000), totaling KRW 1,500,000. The 6-month time deposit had an original maturity of 5 months and is reported under Short-term Financial Instruments (단기금융상품), while the dishonored check is reclassified under other receivables (기타채권/부도어음과수표).
4On January 1, 2026, Daehan Corp. had an Allowance for Doubtful Accounts (대손충당금) balance of KRW 60,000. During 2026, accounts receivable of KRW 40,000 were written off as uncollectible. On December 31, 2026, total ending accounts receivable were KRW 5,000,000, and the company estimated that 2% would prove uncollectible based on the allowance method (보충법). What is the Bad Debt Expense (대손상각비) to be recognized for 2026?
A.KRW 40,000
B.KRW 80,000
C.KRW 100,000
D.KRW 120,000
Explanation: Target allowance at year-end is KRW 5,000,000 × 2% = KRW 100,000. The existing allowance balance before year-end adjustment is KRW 60,000 (beginning) - KRW 40,000 (write-off) = KRW 20,000 credit balance. Under the allowance replenishment method (보충법), Bad Debt Expense = Target (KRW 100,000) - Remaining Balance (KRW 20,000) = KRW 80,000.
5In March 2026, Mirae Co. collected in cash KRW 50,000 of an account receivable that had been written off in the prior fiscal year (2025) as uncollectible. Under General Accounting Standards for Non-Public Entities (일반기업회계기준), what is the correct accounting treatment for this recovery (상각채권추심)?
A.Credit Allowance for Doubtful Accounts (대손충당금) by KRW 50,000
B.Credit Gain on Bad Debt Recovery (대손상각비환입) as Non-operating Income (영업외수익)
C.Credit Retained Earnings (이익잉여금) as a prior period error correction
D.Credit Sales Revenue (매출) by KRW 50,000
Explanation: Under K-GAAP, when an account receivable written off in a prior fiscal period is subsequently recovered, the cash collected is credited directly to restore the Allowance for Doubtful Accounts (대변: 대손충당금). It is not recorded as operating revenue, non-operating income, or an error correction.
6On August 1, 2026, Seoul Corp. discounted a 6-month trade note receivable (받을어음, face value KRW 10,000,000, zero-interest) at Hana Bank with 2 months remaining until maturity. Hana Bank applied a discount rate of 12% per annum. The transaction meets all criteria for derecognition as a sale (매각거래). What is the Loss on Valuation and Disposal of Trade Receivables (매출채권처분손실) recognized by Seoul Corp.?
A.KRW 100,000
B.KRW 200,000
C.KRW 600,000
D.KRW 1,200,000
Explanation: Discount period is 2 months. Bank discount charge = Face Value (KRW 10,000,000) × 12% × (2 / 12) = KRW 200,000. Because the transfer qualifies as a sale transaction (매각거래), the entire discount fee of KRW 200,000 is recognized as Loss on Disposal of Trade Receivables (매출채권처분손실, operating expense or non-operating expense depending on GAAP classification, typically operating expense under K-GAAP).
7During an inflationary period with continuously rising inventory purchase prices, which inventory cost flow assumption results in the lowest reported Cost of Goods Sold (매출원가) and the highest Net Income (당기순이익)?
A.Weighted-Average Method (총평균법)
B.Moving-Average Method (이동평균법)
C.Last-In, First-Out (LIFO / 후입선출법)
D.First-In, First-Out (FIFO / 선입선출법)
Explanation: When purchase costs are rising, FIFO assigns older, lower costs to Cost of Goods Sold and the most recent, higher costs to ending inventory. This yields the lowest Cost of Goods Sold, the highest gross profit, and the highest Net Income among the cost flow methods. (Note: LIFO produces the opposite effect, and is prohibited under K-IFRS though historically referenced in theory).
8As of December 31, 2026, Incheon Corp. conducted a physical inventory count and recorded warehouse inventory of KRW 2,000,000. Additional inventory items include: (1) Goods shipped FOB shipping point (선적지인도조건) to a customer on Dec 29, currently in transit (KRW 300,000); (2) Goods purchased FOB shipping point from a supplier, shipped Dec 30, currently in transit (KRW 500,000); (3) Consigned goods (적송품) held by a consignee, of which 40% had been sold to customers by Dec 31 (cost KRW 400,000). What is the correct ending inventory balance (기말재고자산)?
A.KRW 3,200,000
B.KRW 2,900,000
C.KRW 2,740,000
D.KRW 2,240,000
Explanation: Correct ending inventory = Physical count (KRW 2,000,000) + Goods purchased FOB shipping point in transit (KRW 500,000, ownership transferred at shipment) + Unsold consigned goods held by consignee (KRW 400,000 × 60% = KRW 240,000). Goods sold FOB shipping point (KRW 300,000) belong to the buyer upon shipment and must be excluded. Total = 2,000,000 + 500,000 + 240,000 = KRW 2,740,000.
9Busan Corp. applies the lower of cost or net realizable value (저가법) for its ending merchandise inventory on an item-by-item basis (종목별 기준). The data for Item A is: Acquisition Cost = KRW 1,000,000; Estimated Selling Price = KRW 950,000; Estimated Additional Selling Costs = KRW 80,000. What is the Inventory Valuation Loss (재고자산평가손실) and how is it presented on the income statement under General Accounting Standards for Non-Public Entities?
A.KRW 130,000 recognized as a Non-operating Expense (영업외비용)
B.KRW 130,000 recognized as an addition to Cost of Goods Sold (매출원가 가산)
C.KRW 50,000 recognized as a Non-operating Expense (영업외비용)
D.KRW 80,000 recognized as a Selling and Administrative Expense (판관비)
Explanation: Net Realizable Value (순실현가능가치) = Estimated Selling Price (KRW 950,000) - Estimated Selling Costs (KRW 80,000) = KRW 870,000. Valuation Loss = Cost (KRW 1,000,000) - NRV (KRW 870,000) = KRW 130,000. Under K-GAAP, inventory valuation loss (재고자산평가손실) is credited to an inventory valuation allowance (재고자산평가충당금) and presented as an addition to Cost of Goods Sold (매출원가 가산).
10At year-end 2026, Gwangju Co. had book inventory of 1,000 units at a unit cost of KRW 1,000. A physical count revealed 900 units on hand. Of the 100 missing units, 60 units are normal shrinkage (정상감모) and 40 units are abnormal shrinkage (비정상감모). The net realizable value of remaining inventory is KRW 850 per unit. What amounts should be charged to Cost of Goods Sold (매출원가) and Non-operating Expense (영업외비용) respectively from these shrinkage and valuation adjustments?
A.Cost of Goods Sold: KRW 60,000; Non-operating Expense: KRW 175,000
B.Cost of Goods Sold: KRW 135,000; Non-operating Expense: KRW 100,000
C.Cost of Goods Sold: KRW 195,000; Non-operating Expense: KRW 40,000
D.Cost of Goods Sold: KRW 235,000; Non-operating Expense: KRW 0
Explanation: Normal shrinkage loss = 60 units × KRW 1,000 = KRW 60,000 (added to COGS). Abnormal shrinkage loss = 40 units × KRW 1,000 = KRW 40,000 (recognized as Non-operating Expense). Valuation loss applies only to actual ending units: 900 units × (KRW 1,000 - KRW 850) = KRW 135,000 (added to COGS). Total COGS addition = 60,000 + 135,000 = KRW 195,000. Total Non-operating Expense = KRW 40,000.

About the Korea Accounting Manager Level 1 Exam

Korea Accounting Manager Level 1 (회계관리 1급) is a premier national-accredited qualification (국가공인 민간자격) administered by Samil PwC Accounting Corporation (삼일회계법인). Designed for corporate accountants, finance managers, and tax specialists, the examination certifies advanced practical competency in Financial Accounting (재무회계) under General Corporate Accounting Standards (일반기업회계기준) and K-IFRS, alongside comprehensive Tax Accounting (세무회계) covering the Value Added Tax Act (부가가치세법), Corporate Tax Act (법인세법 세무조정), and Income Tax Act (소득세법). Candidates must score at least 70 points out of 100 in both subjects to qualify. This practice question bank provides a full 100-question English study adaptation with exact Korean statutory terminology and step-by-step numerical calculations.

Exam sponsor: Samil PwC Accounting Corporation (삼일회계법인 / samiltest.com). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Two subjects in a single 100-minute testing session: Financial Accounting (재무회계, 40 questions) and Tax Accounting (세무회계, 40 questions, covering Value-Added Tax, Corporate Tax, and Income Tax). Scored separately out of 100 points each.

Time Limit

100 minutes

Passing Score

70 points or higher out of 100 in each subject (재무회계 70+ and 세무회계 70+)

Exam / Certification Fees

KRW 50,000

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

50%

Financial Accounting Practice (재무회계 실무)

Current assets (cash equivalents, short-term financial assets, accounts receivable allowances, inventory LCM valuation), non-current assets (tangible asset acquisition costs, depreciation methods, impairments, intangibles), liabilities and equity (effective interest method for bonds payable, share capital, capital surplus, retained earnings), and financial reporting (revenue recognition, leases, accounting changes, cash flow statements) under General Corporate Accounting Standards (일반기업회계기준).

50%

Tax Accounting Practice (세무회계 실무)

Value Added Tax Act (부가가치세법: tax base, zero-rating vs exemption, tax invoices, input tax credit, deemed input tax deduction), Corporate Tax Act (법인세법: taxable income, tax adjustments 세무조정 익금산입/손금산입, depreciation limit, entertainment expense limit, donation limit, loss carryforward), and Income Tax Act (소득세법: comprehensive income, wage and salary income, year-end tax settlement 연말정산, withholding tax).

Preparing for the Korea Accounting Manager Level 1 Exam

What You Need to Know

  • Passing score: 70 points or higher out of 100 in each subject (재무회계 70+ and 세무회계 70+)
  • Assessment: Two subjects in a single 100-minute testing session: Financial Accounting (재무회계, 40 questions) and Tax Accounting (세무회계, 40 questions, covering Value-Added Tax, Corporate Tax, and Income Tax). Scored separately out of 100 points each.
  • Time limit: 100 minutes
  • Exam / certification fees: KRW 50,000 Official sources

Using Our Practice Resources

  • Work through all 100 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

Korea Accounting Manager Level 1: Suggested Study Strategy

1Master bond amortization using the effective interest method (유효이자율법): Bond discount/premium amortization calculations appear frequently in Financial Accounting. Memorize the relationships between nominal face interest (액면이자), effective interest expense (유효이자비용), and book value changes.
2Understand the corporate tax adjustment matrix (세무조정): Practice classifying adjustments into 익금산입 (taxable income inclusion), 손금불산입 (non-deductible expense), 손금산입 (deductible income deduction), and 익금불산입 (non-taxable revenue), and clearly distinguish between 유보 (reserve/timing difference), 기타사외유출 (other outflow), and 상여/배당 (bonus/dividend distributions).
3Differentiate VAT zero-rating (영세율) and VAT exemption (면세): Remember that zero-rating applies a 0% tax rate with full input tax refund (완전면세) intended for export promotion, whereas VAT exemption waives tax collection on basic necessities but disallows input tax refunds (불완전면세).
4Calculate year-end tax settlement (연말정산) deductions with exact caps: Memorize core statutory limits under the Income Tax Act, such as the KRW 200,000 monthly non-taxable meal allowance (식대), KRW 1.5 million basic personal deduction (기본공제), and special tax credit rates for medical, education, and pension contributions.

Frequently Asked Questions

What is the official format and passing criteria for 회계관리 1급?

The official exam administered by Samil PwC consists of 80 four-option multiple choice questions (40 Financial Accounting questions and 40 Tax Accounting questions) completed in a single continuous 100-minute session. To pass, candidates must score at least 70 points out of 100 in Financial Accounting AND at least 70 points out of 100 in Tax Accounting independently. Scoring below 70 points in either subject results in failure.

Which accounting standards are tested on the Financial Accounting section?

The examination primarily tests General Corporate Accounting Standards for Non-Public Entities (일반기업회계기준, K-GAAP), with foundational alignment to Korean International Financial Reporting Standards (K-IFRS). Core areas include trade receivable bad debt allowances, inventory LCM valuation, tangible asset depreciation/impairment, effective interest bond amortization, and equity transaction accounting.

What tax laws are included in the Tax Accounting (세무회계) section?

The Tax Accounting section tests three major tax statutes: the Value Added Tax Act (부가가치세법: tax base, zero-rating, exemption, deemed input tax), the Corporate Tax Act (법인세법: tax adjustments 세무조정 including taxable additions 익금산입 and deductible additions 손금산입, depreciation limits, entertainment and donation ceilings), and the Income Tax Act (소득세법: earned income taxation, withholding tax, and year-end settlement 연말정산).

How often is the 회계관리 1급 examination held and how do candidates register?

Samil PwC conducts the exam nationwide approximately 6 to 8 times per year (typically in January, March, May, June, July, September, and November). Candidates register online through the official testing portal at samiltest.com. The official examination fee is KRW 50,000.

How does 회계관리 1급 differ from 재경관리사?

Both qualifications are administered by Samil PwC. 회계관리 1급 is a mid-tier qualification testing two subjects (Financial Accounting and Tax Accounting, 80 questions total). In contrast, 재경관리사 (Financial Management Specialist) is the higher-tier qualification comprising three subjects (Financial Accounting, Tax Accounting, and Cost & Management Accounting, 120 questions total), requiring deeper strategic cost and management control knowledge.