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Korea Computerized Accounting Level 1 (전산회계 1급, South Korea)

Practice Questions
Exam Review

Key Facts: Korea Computerized Accounting Level 2 Exam

15 questions

Official theory MCQs (plus practical software tasks)

KACPTA Official Examination Standards

60 min

Total continuous exam duration

KACPTA Official Examination Standards

70 / 100

Minimum passing score (Theory + Practical combined)

KACPTA Official Passing Rules

KRW 30,000

Official examination fee

KACPTA Testing Center

Permanent

National-accredited qualification validity

Ministry of Economy and Finance

6 times/yr

Annual nationwide testing rounds

license.kacpta.or.kr

전산회계 2급 (Computerized Accounting Level 2) is a nationally accredited entry-level bookkeeping qualification from KACPTA. The 60-minute official exam combines 15 theory MCQs (30%) and practical KcLep bookkeeping entries (70%) with a passing mark of 70/100. OpenExamPrep offers a 100-question practice bank.

Sample Korea Computerized Accounting Level 2 Practice Questions

Try these sample questions to review concepts for the Korea Computerized Accounting Level 2 exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1What is the primary advantage of double-entry bookkeeping (복식부기) compared to single-entry bookkeeping (단식부기) in commercial accounting?
A.It allows a business to completely avoid preparing a balance sheet or income statement.
B.It eliminates the need to record any cash receipts or cash disbursements.
C.It possesses an inherent self-balancing error-checking function (자기검증기능) through the principle of equilibrium (대차평균의 원리).
D.It records only transactions involving tangible physical assets and ignores liabilities.
Explanation: Double-entry bookkeeping (복식부기) records both the cause and effect of every business transaction across debit and credit sides. Because total debits must always equal total credits (대차평균의 원리), it provides an inherent self-balancing error-checking function (자기검증기능) that single-entry bookkeeping lacks.
2According to the fundamental balance sheet equation (재무상태표등식), if a sole proprietorship has total assets (자산총계) of KRW 50,000,000 and total liabilities (부채총계) of KRW 20,000,000, what is the amount of equity (자본총계)?
A.KRW 20,000,000
B.KRW 30,000,000
C.KRW 50,000,000
D.KRW 70,000,000
Explanation: The fundamental accounting equation states that Assets = Liabilities + Equity (자산 = 부채 + 자본). Rearranging for equity gives Equity = Assets - Liabilities = KRW 50,000,000 - KRW 20,000,000 = KRW 30,000,000.
3Under general corporate accounting principles, what defines an accounting asset (자산)?
A.An economic resource controlled by the entity as a result of past transactions, from which future economic benefits are expected to flow (미래 경제적 효익)
B.An unavoidable present legal obligation to transfer cash to an external creditor
C.Any future cash expenditure that a company plans to execute next year regardless of past events
D.The total market capitalization of the firm estimated by outside investors
Explanation: An asset (자산) is an economic resource controlled by the business entity resulting from past events or transactions, from which future economic benefits (미래 경제적 효익) are expected to flow to the enterprise. Obligations to creditors represent liabilities, not assets.
4Which criterion is primarily used on the balance sheet to classify assets into current assets (유동자산) and non-current assets (비유동자산)?
A.Whether the asset has a physical tangible form or is completely intangible
B.Whether the asset is expected to be converted into cash, sold, or consumed within one year (1년 기준) or within the normal operating cycle
C.Whether the asset is subject to corporate income tax deductions
D.Whether the asset was acquired through a bank loan or owner equity
Explanation: Assets are categorized into current assets (유동자산) and non-current assets (비유동자산) based on the one-year rule (1년 기준) from the balance sheet date or the normal operating cycle (정상영업주기). Those expected to be realized in cash or consumed within one year are current.
5Which of the following best describes an accounting liability (부채)?
A.The residual claim of the business owner on total assets after all creditors are paid
B.The gross revenue earned from providing retail delivery services to customers
C.A present obligation (현재의무) of the entity arising from past events, the settlement of which is expected to result in an outflow of resources embodying economic benefits
D.A potential future purchase of merchandise currently being negotiated with a vendor
Explanation: A liability (부채) is a present obligation (현재의무) arising from past transactions or events, the settlement of which is expected to result in an outflow of economic benefits (such as cash, goods, or services). Residual owner claims describe equity, and pending purchase negotiations are not recognized obligations.
6In a sole proprietorship, what does the term equity (자본 / 순자산) represent?
A.Total economic resources owned by the business regardless of debt
B.The total sales revenue collected in cash during the current fiscal period
C.The total amount of promissory notes payable to commercial banks
D.The residual interest (잔여지분) in the assets of the business after deducting all liabilities
Explanation: Equity (자본), also termed net assets (순자산), represents the owner's residual interest (잔여지분) in the enterprise's assets after deducting all liabilities (자본 = 자산 - 부채). Total assets reflect gross resources, not equity.
7A retail store reports total revenue (총수익) of KRW 45,000,000 and total expenses (총비용) of KRW 38,000,000 for the fiscal year. What is the net operating result according to the income statement equation (손익계산서등식)?
A.Capital Surplus (자본잉여금) of KRW 38,000,000
B.Net Income (당기순이익) of KRW 7,000,000
C.Net Income (당기순이익) of KRW 83,000,000
D.Net Loss (당기순손실) of KRW 7,000,000
Explanation: According to the income statement equation, Net Income = Total Revenue - Total Expenses (당기순이익 = 총수익 - 총비용). Here, KRW 45,000,000 - KRW 38,000,000 = Net Income (당기순이익) of KRW 7,000,000.
8A sole proprietorship had beginning capital (기초자본) of KRW 15,000,000. During the year, the owner made no additional capital contributions and no owner drawings. If ending capital (기말자본) is KRW 22,000,000, what was the net income (당기순이익) for the period under the property method (재산법)?
A.KRW 7,000,000
B.KRW 15,000,000
C.KRW 22,000,000
D.KRW 37,000,000
Explanation: Under the property method (재산법), Net Income = Ending Capital - Beginning Capital (when there are no capital additions or drawings). Net Income = KRW 22,000,000 - KRW 15,000,000 = KRW 7,000,000.
9The curriculum of Korea Computerized Accounting Level 2 (전산회계 2급) primarily focuses on the bookkeeping and accounting records of which type of business entity?
A.Government administrative municipal agencies (정부 행정기관)
B.Large listed manufacturing corporations (상장 제조업 주식회사)
C.Multinational financial banking institutions (다국적 금융기관)
D.Sole proprietorship retail and wholesale merchandising businesses (개인 상품매매업)
Explanation: 전산회계 2급 (Computerized Accounting Level 2) is specifically designed around individual sole proprietorship retail/wholesale merchandising enterprises (개인기업 상품매매업). Corporate manufacturing accounting (제조업) and VAT accounting are introduced in Level 1 (전산회계 1급).
10What is the primary reason accounting establishes an accounting period (회계기간 / 회계연도), typically one calendar year or less?
A.To restrict companies from purchasing equipment that lasts longer than twelve months
B.To prevent the firm from issuing promissory notes to suppliers
C.To measure periodic financial performance (재무성과) and position (재무상태) on an ongoing basis without waiting for the business to liquidate
D.To ensure that all business debts are permanently written off every twelve months
Explanation: Under the periodicity assumption (기간별 보고의 가정), a business artificially divides its continuous operating life into fixed accounting periods (회계기간) so that management, creditors, and tax authorities can evaluate financial performance and position periodically without waiting for ultimate liquidation.

About the Korea Computerized Accounting Level 2 Exam

Korea Computerized Accounting Level 2 (전산회계 2급) is a nationally accredited vocational qualification (국가공인 민간자격) administered by the Korean Association of Certified Public Tax Accountants (KACPTA / 한국세무사회). Targeted at entry-level accounting clerks, bookkeeping trainees, and vocational students, it evaluates foundational competence in double-entry bookkeeping, journalizing business transactions (분개), managing cash and trade credit accounts (당좌예금, 외상매출금, 외상매입금), accounting for merchandise inventory (상품매매), and operating standard computerized accounting software (KcLep / 케이렙). To qualify, test takers must score at least 70 points out of 100 across theoretical multiple-choice items (30%) and hands-on KcLep software tasks (70%). OpenExamPrep provides a comprehensive 100-question English study adaptation featuring authentic Korean accounting terms and step-by-step transaction analyses.

Exam sponsor: Korean Association of Certified Public Tax Accountants (한국세무사회 / KACPTA / license.kacpta.or.kr). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Single 60-minute session comprising Theory (이론시험, 30%, 15 MCQs) covering bookkeeping fundamentals, and Practical (실무시험, 70%) covering KcLep software journal entries, ledger lookups, and closing procedures. Scored together out of 100 points.

Time Limit

60 minutes

Passing Score

70 points or higher out of 100

Exam / Certification Fees

KRW 30,000

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%

Bookkeeping Principles (부기의 원리)

Fundamental accounting concepts, accounting equation (Assets = Liabilities + Equity), 8 elements of transactions (거래의 8요소), journal entries (분개), ledger posting (원장전기), trial balance (합계잔액시산표), adjusting entries (수정분개 for accruals and deferrals), and financial statement preparation.

50%

Elementary Accounting Practice (기초회계 실무)

Current asset transactions (cash, petty cash, checking deposits 당좌예금), trade receivables and payables (외상매출금, 외상매입금, 받으어음, 지급어음), bad debt allowance estimation (대손충당금), merchandise purchase and sales accounting (net purchases, freight costs, allowances, discounts, cost of goods sold), basic tangible assets and depreciation, and owner equity accounts.

Preparing for the Korea Computerized Accounting Level 2 Exam

What You Need to Know

  • Passing score: 70 points or higher out of 100
  • Assessment: Single 60-minute session comprising Theory (이론시험, 30%, 15 MCQs) covering bookkeeping fundamentals, and Practical (실무시험, 70%) covering KcLep software journal entries, ledger lookups, and closing procedures. Scored together out of 100 points.
  • Time limit: 60 minutes
  • Exam / certification fees: KRW 30,000 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 Computerized Accounting Level 2: Suggested Study Strategy

1Master the 8 elements of transactions (거래의 8요소): Ensure immediate, reflexive knowledge of whether an increase/decrease in assets, liabilities, equity, revenues, and expenses belongs on the debit (차변) or credit (대변) side.
2Thoroughly practice year-end adjusting entries (결산정리분개): Accrued expenses (미지급비용), prepaid expenses (선급비용), accrued revenue (미수수익), and unearned revenue (선수수익) appear on every exam sitting.
3Understand merchandise inventory adjustments and COGS calculation: Net purchases = Gross purchases + Freight - Returns/Allowances/Discounts. Cost of Goods Sold = Beginning Inventory + Net Purchases - Ending Inventory.
4Know bad debt allowance (대손충당금) replenishment method (보충법): Remember that the adjusting debit to Bad Debt Expense (대손상각비) is equal to estimated target bad debts minus the existing credit balance in the allowance account.
5Familiarize yourself with checking account overdrafts (당좌차월): Overdrafts are settled as short-term borrowings (단기차입금) in financial statement reporting.

Frequently Asked Questions

What is the format and passing standard for 전산회계 2급?

The examination is conducted as a 60-minute computerized test (CBT). It consists of two sections evaluated together: Theory (이론시험, 30%, 15 four-option multiple-choice questions) and Practical (실무시험, 70%, case-based accounting entries in KcLep software). Candidates pass by scoring an aggregate of 70 points or higher out of 100.

What scope of business entities is tested in 전산회계 2급?

전산회계 2급 specifically focuses on individual sole proprietorship merchandising businesses (개인기업, 상품매매업). Unlike Level 1, it does not include manufacturing cost accounting (원가회계) or value-added tax (부가가치세), making it the ideal starting qualification for beginners.

Which computerized accounting software is used on the official exam?

The official exam uses KcLep (케이렙), developed and distributed for free by the Korean Association of Certified Public Tax Accountants (KACPTA). Candidates can download the educational version from license.kacpta.or.kr to practice general journal entries (일반전표입력), account lookup (계정과목 및 적요등록), and financial statement generation.

How often is the examination administered and how much does it cost?

KACPTA administers the examination nationwide 6 times per year (regular testing rounds usually held in February, April, June, August, October, and December). The official registration fee is KRW 30,000.

What is the difference between 전산회계 2급 and 전산회계 1급?

전산회계 2급 covers elementary bookkeeping and accounting for sole proprietorship retail/wholesale enterprises. 전산회계 1급 expands the scope to corporate manufacturing entities (주식회사 제조업), adding manufacturing cost accounting (원가회계) and basic Value-Added Tax (부가가치세) returns.