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Korea Financial Accounting Technician Level 1 (FAT 1급, South Korea)

Practice Questions
Exam Review

Key Facts: FAT 2급 (Financial Accounting Technician 2) Exam

60 Minutes

Total CBT Examination Duration

KICPA AT Qualification Guidelines

70 / 100

Passing Score (Theory 30% + Practical 70%)

KICPA Official Examination Standards

KRW 39,000

Standard Examination Registration Fee

KICPA AT Testing Portal

No Prerequisites

Eligibility Requirements

National Qualification Framework (국가공인)

5 Years

Certificate Validity (Renewable)

KICPA Maintenance Regulations

Douzone Smart A

Standard Practical Software Tested

KICPA AT Software Standards

The FAT 2급 (Financial Accounting Technician Level 2) is South Korea's benchmark entry-level qualification for commercial bookkeeping and computerized accounting, certified by KICPA. Candidates must score at least 70/100 across theoretical concepts and practical computerized bookkeeping in a 60-minute test. This practice bank provides 100 meticulously crafted questions in English paired with exact Korean terminology.

Sample FAT 2급 (Financial Accounting Technician 2) Practice Questions

Try these sample questions to review concepts for the FAT 2급 (Financial Accounting Technician 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 objective of financial accounting (재무회계의 목적) in commercial enterprises?
A.To audit and penalize business partners for non-compliance with commercial trade contracts.
B.To calculate internal standard manufacturing costs and establish operational production schedules for plant managers.
C.To prepare confidential managerial budgets strictly for internal executive decision-making.
D.To provide useful financial information regarding financial position and operating performance to external stakeholders such as investors and creditors.
Explanation: The core objective of financial accounting (재무회계) is to record, classify, and summarize commercial financial data to provide useful decision-making information regarding an enterprise's financial position (재무상태) and operating performance (경영성과) to external users (외부정보이용자), including investors, banks, and tax authorities. In contrast, management accounting (관리회계) focuses on internal reporting for managers.
2Which of the following statements correctly distinguishes double-entry bookkeeping (복식부기) from single-entry bookkeeping (단식부기)?
A.Double-entry bookkeeping applies the principle of debit-credit balance (대차평균의 원리), enabling automatic error self-verification (자기검증기능).
B.Double-entry bookkeeping eliminates the need to compile a general ledger or trial balance.
C.Double-entry bookkeeping records only cash inflows and outflows in a simple cash book.
D.Single-entry bookkeeping records every transaction simultaneously as equal debits and credits across financial accounts.
Explanation: Double-entry bookkeeping (복식부기) records every economic transaction from two complementary perspectives (debit and credit) based on the dual nature of transactions (거래의 이중성). Because total debits must always equal total credits, it features an inherent self-balancing and self-verifying mechanism (자기검증기능) known as the principle of debit-credit equilibrium (대차평균의 원리).
3Under elementary financial accounting principles, which of the following best defines an Asset (자산)?
A.Economic resources controlled by the enterprise as a result of past transactions from which future economic benefits are expected to flow.
B.Gross economic inflows from regular commercial sales activities that increase proprietor capital.
C.Present economic obligations resulting from past events expected to result in an outflow of company resources.
D.The residual interest of the proprietor in the enterprise assets after deducting all total liabilities.
Explanation: An Asset (자산) represents economic resources controlled by the entity resulting from past commercial events or transactions, from which future economic benefits (미래 경제적 효익) are expected to flow to the enterprise. Common examples include cash, merchandise inventory, accounts receivable, and buildings.
4Which of the following items is correctly classified as a Liability (부채) on the Balance Sheet (재무상태표)?
A.Merchandise Inventory (상품)
B.Prepaid Insurance Expense (선급보험료)
C.Trade Accounts Payable (외상매입금)
D.Trade Accounts Receivable (외상매출금)
Explanation: Trade Accounts Payable (외상매입금) represents an obligation to pay suppliers for merchandise purchased on credit, making it a current liability (유동부채). In contrast, accounts receivable, merchandise inventory, and prepaid insurance are all economic resources classified as assets.
5What is Owner's Equity (자본 / 순자산) in a sole proprietorship commercial business?
A.The cumulative gross revenue generated from merchandise sales since enterprise inception.
B.The residual claim of the owner on total business assets after satisfying all liabilities (Assets - Liabilities = Equity).
C.The total market valuation of physical store equipment and merchandise inventory.
D.Total cash deposited into the company's bank checking account without debt deductions.
Explanation: Owner's Equity (자본), also called Net Assets (순자산), represents the residual interest (잔여청구권) in the entity's assets after deducting all liabilities. Mathematically, it is expressed as Capital = Assets - Liabilities (자본 = 자산 - 부채).
6At the beginning of the fiscal year, Hanguk Store reported total assets of KRW 5,000,000 and total liabilities of KRW 2,200,000. What is the amount of the store's beginning capital (기초자본)?
A.KRW 2,200,000
B.KRW 2,800,000
C.KRW 5,000,000
D.KRW 7,200,000
Explanation: According to the fundamental balance sheet equation (재무상태표 등식): Assets = Liabilities + Capital (자산 = 부채 + 자본). Rearranging gives Capital = Assets - Liabilities = KRW 5,000,000 - KRW 2,200,000 = KRW 2,800,000.
7Which of the following correctly describes the relationship between Revenue (수익) and Expenses (비용) on the Income Statement (손익계산서)?
A.Revenues always decrease owner's equity, whereas expenses increase owner's equity.
B.Revenues and expenses are permanent accounts carried forward into the next fiscal year's balance sheet.
C.When Total Expenses exceed Total Revenue, the enterprise realizes Net Income (당기순이익).
D.When Total Revenue exceeds Total Expenses, the enterprise realizes Net Income (당기순이익).
Explanation: On the Income Statement (손익계산서), when Total Revenue (총수익) generated during the period exceeds Total Expenses (총비용) incurred, the resulting excess is Net Income (당기순이익). If total expenses exceed total revenue, the business realizes a Net Loss (당기순손실).
8Under the Property Method (재산법), how is Net Income (당기순이익) computed using balance sheet capital figures?
A.Beginning Capital - Ending Capital = Net Income
B.Ending Assets - Beginning Liabilities = Net Income
C.Ending Capital - Beginning Capital = Net Income (assuming no proprietor contributions or drawings)
D.Ending Liabilities - Beginning Capital = Net Income
Explanation: Under the Property Method (재산법 / 자본비교법), Net Income is computed as Ending Capital minus Beginning Capital (기말자본 - 기초자본 = 당기순이익), assuming no additional capital investments or proprietor withdrawals occurred during the fiscal year.
9A sole proprietorship had beginning capital (기초자본) of KRW 3,000,000. During the year, total revenue was KRW 8,000,000 and total expenses were KRW 6,200,000. If the proprietor made no capital injections or withdrawals, what is the ending capital (기말자본)?
A.KRW 1,200,000
B.KRW 1,800,000
C.KRW 4,800,000
D.KRW 5,000,000
Explanation: First calculate Net Income via the Profit/Loss Method (손익법): Total Revenue - Total Expenses = KRW 8,000,000 - KRW 6,200,000 = KRW 1,800,000. Then apply the Property Method formula: Ending Capital = Beginning Capital + Net Income = KRW 3,000,000 + KRW 1,800,000 = KRW 4,800,000.
10An enterprise presents the following financial data for the fiscal year 2026: - Beginning Assets: KRW 10,000,000 - Beginning Liabilities: KRW 4,000,000 - Ending Liabilities: KRW 5,500,000 - Total Revenues: KRW 7,000,000 - Total Expenses: KRW 4,500,000 Assuming no capital additions or withdrawals, what are the enterprise's Ending Assets (기말자산)?
A.KRW 8,500,000
B.KRW 11,500,000
C.KRW 13,000,000
D.KRW 14,000,000
Explanation: Step 1: Compute Beginning Capital = Beginning Assets - Beginning Liabilities = KRW 10,000,000 - KRW 4,000,000 = KRW 6,000,000. Step 2: Compute Net Income = Total Revenues - Total Expenses = KRW 7,000,000 - KRW 4,500,000 = KRW 2,500,000. Step 3: Compute Ending Capital = Beginning Capital + Net Income = KRW 6,000,000 + KRW 2,500,000 = KRW 8,500,000. Step 4: Compute Ending Assets = Ending Liabilities + Ending Capital = KRW 5,500,000 + KRW 8,500,000 = KRW 14,000,000.

About the FAT 2급 (Financial Accounting Technician 2) Exam

The Korea Financial Accounting Technician Level 2 (FAT 2급) is a nationally accredited private qualification (국가공인 민간자격) managed by the Korean Institute of Certified Public Accountants (KICPA). It certifies fundamental competency in double-entry bookkeeping, elementary commercial accounting transactions, source voucher processing, and financial reporting for sole proprietorships and small merchandising businesses.

Exam sponsor: Korean Institute of Certified Public Accountants (한국공인회계사회 / KICPA). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Official Exam: Theory 30% (MCQs) + Practical 70% (Computerized Accounting Tasks), 60 minutes. OpenExamPrep Practice Bank: 100 comprehensive multiple-choice questions.

Time Limit

60 minutes

Passing Score

70 / 100 points

Exam / Certification Fees

KRW 39,000 per grade (KICPA AT 응시료, at.kicpa.or.kr)

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.

50%

Bookkeeping Fundamentals & Accounting Cycle (부기 기초 및 회계순환과정)

Covers elementary bookkeeping principles: definition and users of accounting, balance sheet elements (assets, liabilities, equity) and income statement elements (revenue, expenses), basic accounting equation (Assets = Liabilities + Equity), double-entry rules, transaction types (exchange, profit/loss, mixed), source documents, journalizing (분개), posting to ledger T-accounts (전기), preparation of unadjusted and adjusted trial balances (시산표 / 합계잔액시산표), adjusting journal entries for prepaid expenses, accrued expenses, unearned revenue, and accrued revenue, period-end closing entries (손익계정 마감), and preparation of basic balance sheets (재무상태표) and income statements (손익계산서).

50%

Elementary Financial Accounting (초급 재무회계 실무)

Examines practical accounting for individual merchandising enterprises: Cash and cash equivalents, checking accounts (당좌예금) and checking overdrafts (당좌차월), petty cash imprest system (소액현금 전도제), bank reconciliation adjustments, trade accounts receivable (외상매출금) and notes receivable (받으어음), trade accounts payable (외상매입금) and notes payable (지급어음), estimation and write-off of allowance for doubtful accounts (대손충당금 및 대손상각비), merchandising inventory initial acquisition cost, purchase freight, trade discounts, returns and allowances (매입환출 및 에누리), gross sales profit determination, basic tangible asset acquisition costs and straight-line depreciation (정액법), current liabilities, and sole proprietor's capital (자본금 및 인출금).

Preparing for the FAT 2급 (Financial Accounting Technician 2) Exam

What You Need to Know

  • Passing score: 70 / 100 points
  • Assessment: Official Exam: Theory 30% (MCQs) + Practical 70% (Computerized Accounting Tasks), 60 minutes. OpenExamPrep Practice Bank: 100 comprehensive multiple-choice questions.
  • Time limit: 60 minutes
  • Exam / certification fees: KRW 39,000 per grade (KICPA AT 응시료, at.kicpa.or.kr) 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

FAT 2급 (Financial Accounting Technician 2): Suggested Study Strategy

1Master the 8 Transaction Elements: Drill debit increases for assets and expenses alongside credit increases for liabilities, equity, and revenue until journalizing becomes second nature.
2Practice Journalizing (분개) Daily: Solve realistic commercial transaction problems covering merchandise purchases, trade notes, freight terms, discounts, and checking overdrafts.
3Master Accruals and Deferrals: Clearly distinguish between accrued revenue (미수수익), unearned revenue (선수수익), prepaid expenses (선급비용), and accrued expenses (미지급비용).
4Calculate Bad Debts Step-by-Step: Always compare the required period-end allowance (기말 대손추정액) with the existing pre-adjustment allowance balance (수정전 대손충당금 잔액) before recording bad debt expense (대손상각비).
5Understand Merchandising Cost of Goods Sold: Memorize the formula: Cost of Goods Sold = Beginning Inventory + Net Purchases - Ending Inventory, where Net Purchases = Gross Purchases + Freight - Returns/Allowances - Discounts.

Frequently Asked Questions

What is the Korea Financial Accounting Technician Level 2 (FAT 2급) qualification?

The Financial Accounting Technician Level 2 (FAT 2급) is a nationally accredited qualification (국가공인 민간자격) administered by the Korean Institute of Certified Public Accountants (한국공인회계사회 / KICPA). It validates foundational knowledge of double-entry bookkeeping, elementary commercial transaction journalizing, and hands-on accounting software proficiency (더존 SmartA(iPlus)) for small merchandising businesses.

What is the examination structure, duration, and passing score?

The examination lasts 60 minutes and is conducted as a computer-based test (CBT). It consists of two components: Theory (30%, multiple-choice questions evaluating conceptual accounting principles) and Practical (70%, hands-on problem-solving using computerized accounting software). The overall passing score is 70 points out of 100.

What are the eligibility requirements and registration fees?

There are no academic, age, or professional prerequisites; anyone may register for the exam. The official examination registration fee is KRW 39,000, payable during the registration window on the official KICPA AT testing website (https://at.kicpa.or.kr).

How does FAT 2급 differ from FAT 1급 and TAT qualifications?

FAT 2급 focuses on elementary bookkeeping and financial accounting for individual merchandising enterprises (sole proprietorships). In contrast, FAT 1급 covers corporate financial accounting and Value Added Tax (VAT). TAT 2급 and TAT 1급 introduce corporate tax, payroll withholding, and advanced tax accounting.

Why is this OpenExamPrep practice bank provided in English?

The official examination in South Korea is conducted in Korean using 더존 SmartA(iPlus), KICPA’s official AT practical program. This OpenExamPrep bank provides 100 high-yield questions in English embedded with standard Korean technical terms (such as 분개, 합계잔액시산표, 당좌예금, and 대손충당금) to serve bilingual learners, international accounting students, and expatriate business professionals mastering Korean accounting standards.