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Free Practice Questions for 공인회계사 (KICPA)

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Key Facts: 공인회계사 (KICPA) Exam

194 items

Official 1st-stage multiple-choice count (32+32+40+40+50)

https://cpa.fss.or.kr/cpa/main/contents.do?menuNo=1200019 (checked 2026-09-20)

510 points

Official 1st-stage total (80+80+100+100+150)

https://cpa.fss.or.kr/cpa/main/contents.do?menuNo=1200019 (checked 2026-09-20)

310 minutes

Official 1st-stage timing (100/120/90 minutes)

https://cpa.fss.or.kr/cpa/main/contents.do?menuNo=1200019 (checked 2026-09-20)

60% / 40%

1st-stage overall pass and per-subject floor (과락)

FSS CPA examination regulations on cpa.fss.or.kr

KRW 50,000

1st-stage application fee as published on the FSS portal

cpa.fss.or.kr (existing verified fee; unchanged in this recovery)

The Korea CPA (공인회계사 — KICPA) 1st stage examination is an intensive 310-minute, 194-question written multiple-choice test across 3 test periods, scored out of 510 points. Candidates must clear a 60% total score threshold (306 points) and a 40% per-subject floor. This 100-question practice bank covers Financial Accounting (K-IFRS), Cost & Managerial Accounting, Tax Law, Commercial Law, and Business Economics, featuring complete worked calculations and precise Korean legal and accounting terminology.

Sample 공인회계사 (KICPA) Practice Questions

Try these sample questions to review concepts for the 공인회계사 (KICPA) exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under K-IFRS 1002 (Inventory), Hanguk Co. holds merchandise at year-end with an original acquisition cost of KRW 1,000,000. The estimated selling price in the ordinary course of business is KRW 1,150,000, and the estimated costs of completion and sale are KRW 270,000. Under the lower of cost and net realizable value rule (저가법), what is the inventory valuation loss (재고자산평가손실) to be recognized in profit or loss?
A.KRW 0 because the estimated selling price exceeds original cost
B.KRW 120,000 added to cost of goods sold
C.KRW 150,000 recognized as an operating expense
D.KRW 270,000 deducted directly from retained earnings
Explanation: Under K-IFRS 1002, inventories must be measured at the lower of cost and net realizable value (순실현가능가치, NRV). NRV is estimated selling price (KRW 1,150,000) minus estimated costs of completion and sale (KRW 270,000), which equals KRW 880,000. The inventory valuation loss is KRW 1,000,000 - KRW 880,000 = KRW 120,000, which is recognized as an addition to cost of goods sold (매출원가).
2Daehan Co. uses a periodic inventory system. Inventory records for product X during the year show: - Beginning Inventory: 100 units @ KRW 1,000 (Total: KRW 100,000) - May 10 Purchase: 200 units @ KRW 1,200 (Total: KRW 240,000) - July 1 Sale: 150 units - October 20 Purchase: 100 units @ KRW 1,400 (Total: KRW 140,000) What is the ending inventory valuation under the first-in, first-out (선입선출법, FIFO) method?
A.KRW 160,000
B.KRW 280,000
C.KRW 300,000
D.KRW 320,000
Explanation: Total units available for sale are 100 + 200 + 100 = 400 units. After selling 150 units, ending inventory consists of 250 units. Under FIFO (선입선출법), ending inventory is assumed to come from the most recent purchases: 100 units from the Oct 20 purchase @ KRW 1,400 = KRW 140,000, and 150 units from the May 10 purchase @ KRW 1,200 = KRW 180,000. Total ending inventory = KRW 140,000 + KRW 180,000 = KRW 320,000.
3On January 1, 2025, Seoul Manufacturing Co. acquired heavy industrial machinery. The following expenditures were incurred: - Invoice price (excluding VAT): KRW 50,000,000 - Non-refundable import duties (관세): KRW 3,000,000 - Refundable value-added tax (매입세액공제 가능 부가가치세): KRW 5,000,000 - Site preparation and installation: KRW 4,000,000 - Testing costs to ensure proper functioning: KRW 2,000,000 - Proceeds from selling items produced during testing: KRW 500,000 - Present value of statutory dismantling obligation (복구충당부채): KRW 7,473,000 - Staff operating training costs: KRW 1,500,000 Under amended K-IFRS 1016 (Property, Plant and Equipment), what is the initial acquisition cost (취득원가) of the machinery?
A.KRW 71,473,000
B.KRW 67,973,000
C.KRW 66,473,000
D.KRW 65,973,000
Explanation: Under amended K-IFRS 1016, the cost of PPE includes the purchase price (KRW 50M), non-refundable import duties (KRW 3M), installation costs (KRW 4M), testing costs (KRW 2M), and the initial dismantling provision (KRW 7.473M), totaling KRW 66,473,000. Refundable VAT is excluded, staff training is expensed as incurred, and under the 2022 amended K-IFRS 1016, proceeds from selling test samples (KRW 500,000) are recognized in profit or loss rather than deducted from asset cost.
4On January 1, 2023, Busan Co. purchased equipment for KRW 10,000,000 with an estimated useful life of 5 years and a residual value of KRW 1,000,000, using straight-line depreciation. On January 1, 2025, Busan Co. revised the total useful life to 6 years (remaining useful life of 4 years from that date) and the residual value to KRW 400,000. Under K-IFRS 1008, how much depreciation expense should Busan Co. recognize for the year ended December 31, 2025?
A.KRW 1,200,000
B.KRW 1,500,000
C.KRW 1,600,000
D.KRW 1,800,000
Explanation: Annual depreciation for 2023 and 2024 was (KRW 10,000,000 - KRW 1,000,000) / 5 = KRW 1,800,000 per year. Accumulated depreciation at December 31, 2024 is KRW 3,600,000, leaving a carrying amount of KRW 6,400,000. A change in useful life or residual value is a change in accounting estimate (회계추정의 변경), applied prospectively (전진적 적용). Depreciation for 2025 = (KRW 6,400,000 - revised residual value KRW 400,000) / remaining life 4 years = KRW 1,500,000.
5Incheon Co. accounts for land using the revaluation model (재평가모형) under K-IFRS 1016. Land acquired for KRW 50,000,000 on January 1, 2024 had a fair value of KRW 42,000,000 on December 31, 2024. On December 31, 2025, the fair value increased to KRW 56,000,000. What accounting entries should Incheon Co. recognize in profit or loss and other comprehensive income (기타포괄손익) for the year ended December 31, 2025?
A.Revaluation gain in profit or loss: KRW 14,000,000; OCI: KRW 0
B.Revaluation gain in profit or loss: KRW 6,000,000; Revaluation surplus in OCI: KRW 8,000,000
C.Revaluation gain in profit or loss: KRW 8,000,000; Revaluation surplus in OCI: KRW 6,000,000
D.Revaluation surplus in OCI: KRW 14,000,000; Profit or loss: KRW 0
Explanation: In 2024, a revaluation deficit of KRW 8,000,000 (KRW 50M - KRW 42M) was recognized in profit or loss (당기손익). In 2025, the fair value increased by KRW 14,000,000 (KRW 56M - KRW 42M). Under K-IFRS 1016, a revaluation increase must be recognized in profit or loss to the extent that it reverses a previous revaluation deficit of the same asset previously recognized in profit or loss (KRW 8,000,000). The remaining excess above original historical cost (KRW 56M - KRW 50M = KRW 6,000,000) is recognized in other comprehensive income as revaluation surplus (재평가잉여금).
6Gwangju Co. began constructing a qualifying commercial facility on January 1, 2025, completing it on December 31, 2025. Total weighted-average accumulated expenditures (가중평균 지출액) were KRW 60,000,000. Financing details were: - Specific borrowing (특정차입금): KRW 40,000,000 at 6% annual interest; temporary deposit income earned from unspent funds: KRW 300,000 - General borrowings (일반차입금): Borrowing A of KRW 30,000,000 at 8% annual interest, and Borrowing B of KRW 50,000,000 at 5% annual interest Under K-IFRS 1023 (Borrowing Costs), what is the total amount of borrowing costs capitalized (자본화차입원가) as part of the asset cost for 2025?
A.KRW 3,200,000
B.KRW 3,325,000
C.KRW 3,600,000
D.KRW 3,625,000
Explanation: Specific borrowing costs capitalized = Actual interest (KRW 40,000,000 * 6% = KRW 2,400,000) minus investment income (KRW 300,000) = KRW 2,100,000. Remaining accumulated expenditures financed by general borrowings = KRW 60,000,000 - KRW 40,000,000 = KRW 20,000,000. Capitalization rate of general borrowings = Total interest / Total general borrowings = (KRW 2,400,000 + KRW 2,500,000) / (KRW 30,000,000 + KRW 50,000,000) = KRW 4,900,000 / KRW 80,000,000 = 6.125%. General borrowing costs capitalized = KRW 20,000,000 * 6.125% = KRW 1,225,000. Total capitalized borrowing costs = KRW 2,100,000 + KRW 1,225,000 = KRW 3,325,000.
7Ulsan Co. acquired equipment for KRW 20,000,000 on January 1, 2023 (useful life: 5 years, zero residual value, straight-line depreciation). On December 31, 2023, testing indicated impairment, and recoverable amount was determined to be KRW 10,000,000, leading to recognition of an impairment loss. On December 31, 2024, the recoverable amount recovered to KRW 15,000,000. Under K-IFRS 1036 (Impairment of Assets), what is the impairment loss reversal (손상차손환입) recognized in profit or loss on December 31, 2024?
A.KRW 7,500,000
B.KRW 5,000,000
C.KRW 4,500,000
D.KRW 2,500,000
Explanation: Carrying amount before impairment on Dec 31, 2023 was KRW 16,000,000; an impairment loss of KRW 6,000,000 reduced it to KRW 10,000,000. Depreciation for 2024 was KRW 10,000,000 / 4 years = KRW 2,500,000, leaving a carrying amount of KRW 7,500,000 on Dec 31, 2024. Under K-IFRS 1036, reversal of impairment is capped at the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognized: KRW 20,000,000 - (KRW 4,000,000 * 2) = KRW 12,000,000. Reversal amount is therefore KRW 12,000,000 - KRW 7,500,000 = KRW 4,500,000.
8On January 1, 2025, Daegu Co. purchased manufacturing equipment for KRW 30,000,000 (useful life 5 years, zero residual value, straight-line depreciation) and received a government grant (정부보조금) of KRW 10,000,000 on the same date to support environmental compliance. Daegu Co. elects the asset deduction method (취득원가 차감법) permitted under K-IFRS 1020. What is the depreciation expense recognized in profit or loss for the year ended December 31, 2025?
A.KRW 2,000,000
B.KRW 4,000,000
C.KRW 5,000,000
D.KRW 6,000,000
Explanation: Under the asset deduction method (취득원가 차감법) of K-IFRS 1020, the government grant is deducted in arriving at the carrying amount of the asset. The initial carrying amount is KRW 30,000,000 - KRW 10,000,000 = KRW 20,000,000. Annual depreciation recognized in profit or loss is KRW 20,000,000 / 5 years = KRW 4,000,000. (Note: under the deferred income method, gross depreciation of KRW 6M less grant amortization of KRW 2M yields identical net P&L expense of KRW 4M).
9Suwon Co. held an owner-occupied office building with an original cost of KRW 100,000,000 and accumulated depreciation of KRW 30,000,000 on June 30, 2025. On that date, Suwon Co. vacated the building and entered into an operating lease with an independent third party, transferring the property to investment property (투자부동산) measured under the fair value model (공정가치모형). The fair value of the property on June 30, 2025 was KRW 95,000,000. Under K-IFRS 1040, how should the revaluation difference on transfer date be recognized?
A.KRW 0 because transfers between categories must be recorded at carrying amount
B.KRW 25,000,000 recognized immediately in profit or loss as investment property valuation gain
C.KRW 25,000,000 recognized in other comprehensive income as revaluation surplus (재평가잉여금)
D.KRW 5,000,000 recognized in profit or loss and KRW 20,000,000 recognized in OCI
Explanation: Under K-IFRS 1040, when an owner-occupied property becomes an investment property carried at fair value, the entity applies K-IFRS 1016 up to the date of change in use. The carrying amount was KRW 70,000,000 (KRW 100M - KRW 30M). The difference of KRW 25,000,000 between fair value (KRW 95M) and carrying amount is treated as a revaluation under K-IFRS 1016: recognized in other comprehensive income (기타포괄손익) as revaluation surplus (재평가잉여금).
10Under K-IFRS 1115 (Revenue from Contracts with Customers), Changwon Co. enters into a single contract with a customer to sell Equipment X and Service Y for a bundled transaction price of KRW 90,000,000. The stand-alone selling prices (개별판매가격) are KRW 40,000,000 for Equipment X and KRW 80,000,000 for Service Y. How should the transaction price be allocated to Equipment X and Service Y?
A.Equipment X: KRW 25,000,000; Service Y: KRW 65,000,000
B.Equipment X: KRW 30,000,000; Service Y: KRW 60,000,000
C.Equipment X: KRW 40,000,000; Service Y: KRW 50,000,000
D.Equipment X: KRW 45,000,000; Service Y: KRW 45,000,000
Explanation: Step 4 of K-IFRS 1115 requires allocating the transaction price to each performance obligation on a relative stand-alone selling price basis. Total stand-alone selling prices = KRW 40,000,000 + KRW 80,000,000 = KRW 120,000,000. The bundled price of KRW 90,000,000 represents a 25% discount. Equipment X allocation = KRW 90,000,000 * (40M / 120M) = KRW 30,000,000. Service Y allocation = KRW 90,000,000 * (80M / 120M) = KRW 60,000,000.

About the 공인회계사 (KICPA) Exam

The Korea Certified Public Accountant (공인회계사) examination is the premier statutory accounting certification in South Korea, governed by the Financial Services Commission (FSC) and administered by the Financial Supervisory Service (FSS). The two-stage qualification process tests rigorous mastery of Korean International Financial Reporting Standards (K-IFRS), Cost and Managerial Accounting, Corporate and Individual Tax Law (세법), Commercial Law (상법) and the External Audit Act (외감법), Financial Management (재무관리), and Micro/Macroeconomics. This 100-question prep bank provides an English-language study adaptation combining authentic quantitative problems and statutory legal questions with exact Korean terminology.

Exam sponsor: Financial Services Commission (금융위원회) / Financial Supervisory Service (금융감독원). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

1st stage, three sessions on one day: Session 1 100 minutes (경영학 32 items/80 points, 경제원론 32/80); Session 2 120 minutes (기업법 40/100, 세법개론 40/100); Session 3 90 minutes (회계학 50/150). 2nd stage is a two-day subjective paper.

Time Limit

310 minutes (Session 1: 100 min, Session 2: 120 min, Session 3: 90 min)

Passing Score

1st stage: 60% of 510 points (306) with no subject below 40% (과락)

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.

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.

25 of 100 questions

Financial Accounting (재무회계 — K-IFRS)

K-IFRS conceptual framework, inventory valuation and lower-of-cost-or-net-realizable-value, PPE acquisition, depreciation and impairment, revenue recognition under K-IFRS 1115 (5-step model), financial liabilities and bonds amortized cost via effective interest method, lease accounting under K-IFRS 1116, basic and diluted earnings per share (EPS), and business combinations and consolidated financial statements.

15 of 100 questions

Cost & Managerial Accounting (원가관리회계)

Job order costing, process costing under weighted-average and FIFO methods with equivalent units, activity-based costing (ABC), joint and by-product costing, standard costing and multi-variance analysis (materials, labor, manufacturing overhead), cost-volume-profit (CVP) analysis and operating leverage, and relevant cost decision analysis with capital budgeting (NPV, IRR).

20 of 100 questions

Tax Law (세법개론)

Corporate Tax Act (법인세법: taxable income computation, tax reconciliations 익금산입/손금산입, depreciation statutory caps, non-deductible entertainment expenses, thin capitalization and interest limits, loss carryforwards), Income Tax Act (소득세법: comprehensive income tax bracket rates, financial income withholding, income deductions, capital gains tax), and Value Added Tax Act (부가가치세법: tax base, zero-rating vs exemption, input tax credits, and deemed input tax credit).

15 of 100 questions

Corporate & Commercial Law (상법, 외감법, 공인회계사법)

Commercial Code — Company Law (상법 회사편: corporate formation, share issuance, preemptive rights, general meeting of shareholders, board of directors and auditor fiduciary duties, statutory mergers and spin-offs), Act on External Audit of Stock Companies (외부감사법: auditor appointment, rotation, audit committee oversight), and Certified Public Accountant Act (공인회계사법: auditor independence, ethical confidentiality, and civil liability).

25 of 100 questions

Business Administration & Economics (경영학 및 경제원론)

Financial management (재무관리: CAPM, WACC, Modigliani-Miller capital structure propositions, dividend policy, bond and equity valuation), Microeconomics (consumer utility maximization, production functions, market structures: perfect competition vs monopoly, game theory Nash equilibrium), and Macroeconomics & International Finance (IS-LM model, AD-AS macroeconomic equilibrium, Bank of Korea monetary policy transmission, inflation mechanics, exchange rate determination, and Purchasing Power Parity).

Preparing for the 공인회계사 (KICPA) Exam

What You Need to Know

  • Passing score: 1st stage: 60% of 510 points (306) with no subject below 40% (과락)
  • Assessment: 1st stage, three sessions on one day: Session 1 100 minutes (경영학 32 items/80 points, 경제원론 32/80); Session 2 120 minutes (기업법 40/100, 세법개론 40/100); Session 3 90 minutes (회계학 50/150). 2nd stage is a two-day subjective paper.
  • Time limit: 310 minutes (Session 1: 100 min, Session 2: 120 min, Session 3: 90 min)
  • 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
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공인회계사 (KICPA): Suggested Study Strategy

1Master K-IFRS Effective Interest Method: Ensure complete speed and accuracy in computing bond issue prices, amortized cost tables, premium/discount amortizations, and early redemption gains/losses under K-IFRS 1109.
2Internalize Corporate Tax Adjustments: Practice tax reconciliation (세무조정) tables regularly, mastering the precise difference between taxable additions (익금산입), deductible additions (손금산입), and income disposals (소득처분: 배당, 상여, 기타사외유출, 유보).
3Conquer Equivalent Units in Cost Accounting: Memorize the exact formulas for FIFO versus Weighted-Average equivalent unit computations in process costing, especially when direct materials are added at multiple stages.
4Memorize Commercial Code Quorum & Voting Majorities: Differentiate clearly between ordinary shareholder resolutions (1/4 of total shares, 1/2 of votes present) and special resolutions (1/3 of total shares, 2/3 of votes present) under the Commercial Code (상법).
5Sharpen CAPM, WACC, and MM Propositions: Practice numerical corporate finance problems, focusing on unlevering and relevering betas (Hamada equation), debt tax shields, and optimal capital structure under taxes.
6Time Management Drills: In the 1st Stage Accounting session (90 minutes for 50 questions), candidates have only about 108 seconds per question. Drill high-speed numerical calculation templates to build procedural muscle memory.

Frequently Asked Questions

What is the structure of the Korea CPA 1st Stage examination?

The official FSS 1st-stage paper is 194 multiple-choice items across three sessions totaling 310 minutes and 510 points (https://cpa.fss.or.kr/cpa/main/contents.do?menuNo=1200019). Session 1 (100 minutes) tests Management 32 items/80 points and Economics 32/80. Session 2 (120 minutes) tests Corporate Law 40/100 and Tax Law 40/100. Session 3 (90 minutes) tests Accounting 50/150. English is a substitute score, not a written paper.

What are the passing criteria for the 1st Stage and 2nd Stage CPA exams?

For the 1st stage, candidates must achieve an overall average of at least 60% (306 out of 510 points) without falling below 40% in any individual subject (과락). Successful 1st stage candidates are determined on a quota ranking basis. For the 2nd stage, candidates must score 60% or higher on each of the 5 subjective essay subjects. South Korea utilizes a Partial Pass System (부분합격제), where passing scores in individual 2nd stage subjects remain valid for the subsequent year's exam.

What prerequisites must be fulfilled before registering for the Korea CPA exam?

Candidates must earn at least 24 university or lifelong education credits recognized by the FSS: 12 credits in Accounting/Taxation, 9 credits in Business Administration, and 3 credits in Economics. In addition, candidates must submit a valid official English proficiency examination score (such as TOEIC 710+, TOEFL iBT 71+, Revised TEPS 340+, or G-TELP Level 2 65+) prior to the annual application deadline.

What accounting standards are tested on the Korea CPA examination?

The examination tests Korean International Financial Reporting Standards (K-IFRS / 한국채택국제회계기준), which are fully converged with IFRS. Candidates are required to solve advanced financial accounting problems under K-IFRS 1109 (Financial Instruments), K-IFRS 1115 (Revenue from Contracts with Customers), K-IFRS 1116 (Leases), and K-IFRS 1103/1110 (Business Combinations and Consolidated Financial Statements).

What tax statutes are covered in the Tax Law section?

The Tax Law section focuses on the Corporate Tax Act (법인세법), Income Tax Act (소득세법), Value-Added Tax Act (부가가치세법), Framework Act on National Taxes (국세기본법), and Inheritance and Gift Tax Act (상속세 및 증여세법). Corporate tax adjustments (익금산입, 손금불산입, 소득처분) and individual income deductions constitute the highest-frequency quantitative areas.

Why does this practice bank present questions in English with Korean terms?

This practice bank provides an accessible, high-yield English-language study adaptation designed for bilingual candidates, international professionals, and study review. To ensure faithful use of official terminology from the official FSS exam, key Korean legal statutes, accounting rules, tax adjustments, and financial formulas are explicitly included in parentheses.