Free Practice Questions for Korea Computerized Tax Accounting Level 2 (전산세무 2급)

Intermediate Financial Accounting (재무회계)

General Corporate Accounting Standards (일반기업회계기준): current assets, trade receivables, allowance for bad debts (대손충당금) estimation and reversal, inventory LCM valuation (저가법) and inventory shrinkage/valuation loss (감모손실/평가손실), tangible asset acquisition, capital vs revenue expenditures (자본적 지출/수익적 지출), depreciation methods (straight-line, declining balance, sum-of-the-years-digits, units-of-production), disposal of tangible assets, development costs capitalization criteria, bonds payable effective interest method amortization (사채할인발행차금 상각), capital surplus, capital adjustments, retained earnings, and revenue recognition principles.

Cost Accounting Practice (원가회계)

Cost concepts and classification (direct vs indirect, fixed vs variable, product vs period), manufacturing cost flow through raw materials, work-in-process, and finished goods, statement of manufacturing costs (제조원가명세서), prime costs vs conversion costs, service department cost allocation methods (direct allocation, step-down allocation, reciprocal allocation), predetermined manufacturing overhead rates and variance analysis (under/over-applied overhead), job-order costing, and process costing equivalent units under weighted-average and FIFO methods.

Value-Added Tax Practice (부가가치세)

Korean Value-Added Tax Act (부가가치세법): taxable supply of goods and services, deemed supplies of goods (간주공급: personal consumption, business gifts, self-supply, supply upon closure), timing of supply (공급시기), determination of VAT tax base, mandatory and optional tax invoice issuance rules, amended tax invoices (수정세금계산서), zero-rated supplies (영세율) vs tax exemption (면세), input tax deduction conditions, non-deductible input taxes (매입세액 불공제: non-business, passenger vehicles with 8 seats or fewer exceeding 1,000cc, entertainment expenses, land-related capital expenditures), and simplified taxation basics (간이과세).

Earned Income Tax & Withholding (근로소득세 및 원천징수)

Income Tax Act (소득세법): scope of wage and salary income, non-taxable earned income items (비과세 근로소득: non-taxable meals up to KRW 200,000/month, self-driving subsidy up to KRW 200,000/month, childbirth/childcare allowance up to KRW 200,000/month, overtime pay for production workers), monthly withholding tax table (간이세액표), monthly and semi-annual withholding tax returns (원천징수이행상황신고서), and comprehensive year-end tax settlement (연말정산: basic personal deduction KRW 1,500,000 per person, age and income criteria, supplementary deductions for seniors, disabled, and women heads-of-household, child tax credit, and special tax credits for insurance, medical expenses, education expenses, and donation credits).