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

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Korea Tax Accounting Level 1 (세무회계 1급, South Korea)

Practice Questions
Exam Review

Key Facts: Korea Tax Accounting Level 2 (세무회계 2급) Exam

80 min

Examination Duration

KACPTA Qualification Center (license.kacpta.or.kr)

70 / 100

Passing Standard

KACPTA Examination Regulations

KRW 25,000

Examination Registration Fee

KACPTA Official Fee Schedule

Written

Official Format: Theory & Computational Written Exam

KACPTA Syllabus

3 Taxes

Corporate Tax, Income Tax, Value-Added Tax

KACPTA Syllabus

국가공인

National Authorized Qualification Status

Ministry of Economy and Finance / KACPTA

Korea Tax Accounting Level 2 (세무회계 2급) is a national authorized qualification administered by KACPTA testing intermediate Corporate Tax, Income Tax, and Value-Added Tax. The official exam is an 80-minute written examination with a 70-point passing score and KRW 25,000 registration fee.

Sample Korea Tax Accounting Level 2 (세무회계 2급) Practice Questions

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

1Under Article 13 and Article 14 of the Korean Corporate Tax Act (법인세법), how is the income amount for each business year (각 사업연도 소득금액) determined starting from financial net income (당기순이익)?
A.Financial gross profit (매출총이익) - Selling and administrative expenses (판관비) - Carried-forward tax losses (이월결손금)
B.Financial net income + Carried-forward tax losses (이월결손금) - Non-taxable income (비과세소득) - Income deductions (소득공제)
C.Financial net income + Gross income additions (익금산입) + Non-deductible expenses (손금불산입) - Deductible expenses (손금산입) - Non-gross income items (익금불산입)
D.Financial net income - Gross income additions (익금산입) - Non-deductible expenses (손금불산입) + Deductible expenses (손금산입) + Non-gross income items (익금불산입)
Explanation: Under the Corporate Tax Act, tax reconciliation (세무조정) begins with financial accounting net income (당기순이익). Tax additions—gross income items (익금산입) and non-deductible expenses (손금불산입)—are added, while tax deductions—deductible expenses (손금산입) and non-gross income exclusions (익금불산입)—are subtracted to yield the income amount for each business year (각 사업연도 소득금액).
2Under the Corporate Tax Act, what is the statutory sequence for calculating the corporate tax base (과세표준) from the income amount for each business year (각 사업연도 소득금액)?
A.각 사업연도 소득금액 + 익금산입 (Gross income additions) - 비과세소득 (Non-taxable income) - 소득공제 (Income deductions)
B.각 사업연도 소득금액 - 세액감면 (Tax exemptions) - 이월결손금 (Carried-forward tax losses) - 준비금 (Reserves)
C.각 사업연도 소득금액 - 소득공제 (Income deductions) - 세액공제 (Tax credits) - 세액감면 (Tax exemptions)
D.각 사업연도 소득금액 - 이월결손금 (Carried-forward tax losses) - 비과세소득 (Non-taxable income) - 소득공제 (Income deductions)
Explanation: Under Article 13 of the Corporate Tax Act, the corporate tax base (과세표준) is calculated by deducting three items sequentially from the income amount for each business year: (1) carried-forward tax losses (이월결손금), (2) non-taxable income (비과세소득), and (3) income deductions (소득공제). Tax credits (세액공제) and tax exemptions (세액감면) apply later against calculated tax (산출세액), not against the tax base.
3A domestic corporation (내국법인) that is not a small-or-medium enterprise (SME / 일반법인) has an income amount for each business year of KRW 500,000,000 in 2026. It has an eligible carried-forward tax loss (이월결손금) of KRW 450,000,000 from 2020. Under current tax rules, what is the maximum deductible carried-forward tax loss and the resulting tax base?
A.Deductible loss KRW 300,000,000; Tax base KRW 200,000,000
B.Deductible loss KRW 400,000,000; Tax base KRW 100,000,000
C.Deductible loss KRW 450,000,000; Tax base KRW 50,000,000
D.Deductible loss KRW 500,000,000; Tax base KRW 0
Explanation: For general corporations (non-SMEs), the deduction of carried-forward tax losses is limited to 80% of the income amount for each business year: KRW 500,000,000 * 80% = KRW 400,000,000. Therefore, only KRW 400,000,000 of the KRW 450,000,000 carried-forward loss can be deducted, leaving a corporate tax base of KRW 100,000,000 (KRW 500M - KRW 400M). The remaining KRW 50,000,000 carries forward to future years.
4Regarding the business year (사업연도) under the Corporate Tax Act, which statement is CORRECT?
A.The business year specified in corporate articles of incorporation cannot exceed one full calendar year
B.If a corporation fails to designate a business year in its articles, the tax authority automatically assigns a 6-month fiscal period
C.Every domestic corporation must unconditionally adopt the calendar year ending December 31 as its business year
D.A corporation changing its business year may report the change to the tax office at any time within 6 months after the end of the new business year
Explanation: Under Article 6 of the Corporate Tax Act, the statutory business year defined in corporate articles of incorporation cannot exceed one year (12 months). While corporations may freely choose their fiscal year-end (e.g., March 31, June 30, December 31), any single fiscal period cannot exceed 12 months. Reporting a change of business year must be completed within 3 months from the end of the preceding fiscal year.
5Which of the following correctly describes the distinction between book-closing adjustments (결산조정사항) and tax-return adjustments (신고조정사항) under Korean corporate tax accounting?
A.Book-closing adjustments can only be made on the corporate tax return through gross income additions (익금산입)
B.Book-closing adjustments require recognition as expenses in the financial statements to be tax-deductible, whereas mandatory tax-return adjustments must be reflected on the tax return regardless of book entries
C.Depreciation expenses on fixed assets are mandatory tax-return adjustments that must be deducted up to the statutory limit even if not booked
D.Tax-return adjustments are exclusively voluntary items that the taxpayer may choose to omit without incurring penalties
Explanation: Book-closing adjustments (결산조정사항) are deductions that the Corporate Tax Act recognizes only if the corporation actually reflects them as expenses in its financial accounting books (e.g., depreciation, bad debt provisions, inventory valuation losses). In contrast, mandatory tax-return adjustments (강제신고조정사항) must be reconciled on the tax return if book entries diverge from statutory rules, regardless of financial accounting records.
6Samjin Co., Ltd. reported financial accounting net income (당기순이익) of KRW 200,000,000 for 2026. Tax audit adjustments reveal the following items: - Non-deductible tax penalties (벌금): KRW 15,000,000 - Entertainment expenses in excess of statutory ceiling (접대비 한도초과액): KRW 25,000,000 - Dividends received exclusion from gross income (수입배당금 익금불산입): KRW 10,000,000 - Reversal of prior year excess depreciation allowed in current year (전기 감가상각비 한도초과액 추인): KRW 20,000,000 What is Samjin Co., Ltd.'s income amount for each business year (각 사업연도 소득금액)?
A.KRW 250,000,000
B.KRW 230,000,000
C.KRW 210,000,000
D.KRW 190,000,000
Explanation: Calculated as: Financial net income (KRW 200,000,000) + Non-deductible expenses (손금불산입: penalties KRW 15,000,000 + entertainment excess KRW 25,000,000) - Non-gross income exclusion (익금불산입: dividends KRW 10,000,000) - Deductible expense addition (손금산입: depreciation reversal KRW 20,000,000) = 200,000,000 + 40,000,000 - 30,000,000 = KRW 210,000,000.
7Which theoretical foundation underlies the determination of gross income (익금) under the Korean Corporate Tax Act, and how does it compare to the Individual Income Tax Act?
A.Both Corporate Tax and Individual Income Tax strictly follow the consumption expenditure theory (소비지출설)
B.Corporate Tax includes only enumerated transaction types (열거주의), whereas Individual Income Tax taxes all increases in wealth comprehensively
C.Corporate Tax is based exclusively on the income source theory (소득원천설), while Individual Income Tax uses the consumption tax theory
D.Corporate Tax is based on the comprehensive net worth increase theory (순자산증가설), whereas Individual Income Tax is primarily based on the income source theory (소득원천설)
Explanation: Under Article 15 of the Corporate Tax Act, gross income includes all transactions that increase the corporation's net worth (순자산증가설), except capital contributions and specifically excluded statutory items (포괄주의). Conversely, the Korean Individual Income Tax Act adheres primarily to the income source theory (소득원천설), taxing only specifically enumerated categories of income (열거주의, with interest/dividends utilizing a limited negative system).
8In corporate tax return filings, what is the specific role of Sheet Eul (을표) of the Capital Reserves and Retained Earnings Adjustment Statement (자본금과 적립금조정명세서 을)?
A.Tracking the beginning balance, current-year changes, and ending balance of temporary differences (유보 및 △유보)
B.Listing the tax depreciation schedules for all intangible assets
C.Computing the minimum corporate tax (최저한세) liability
D.Calculating the entertainment expense statutory deduction ceiling for the year
Explanation: Sheet Eul (자본금과 적립금조정명세서 을) functions as the tax balance sheet ledger that manages and tracks all cumulative temporary differences (유보 and △유보) between financial accounting and tax accounting. It records the beginning balance, current additions (증가), current reversals (감소), and ending balance for each temporary adjustment item.
9For tax losses incurred in fiscal years beginning on or after January 1, 2020, what is the maximum statutory carryforward period (이월결손금 공제기간) under the Corporate Tax Act?
A.5 years
B.10 years
C.15 years
D.20 years
Explanation: Under the amended Corporate Tax Act, tax losses incurred in fiscal years starting on or after January 1, 2020 can be carried forward and deducted for up to 15 years. (For losses incurred between 2009 and 2019, the carryforward period was 10 years; prior to 2009, it was 5 years).
10Which of the following corporate taxpayers is subject to corporate tax on liquidation income (청산소득에 대한 법인세) upon dissolution?
A.Domestic for-profit corporation (내국영리법인) undergoing dissolution by merger or split-merger excluded
B.Domestic non-profit corporation (비영리내국법인)
C.Foreign corporation with a domestic permanent establishment (외국법인)
D.National or local government entity
Explanation: Under Article 77 of the Corporate Tax Act, corporate tax on liquidation income (청산소득) applies exclusively to domestic for-profit corporations (내국영리법인) when they dissolve (excluding dissolutions due to organizational changes, mergers, or divisions where assets pass continuously). Non-profit corporations and foreign corporations are exempt from tax on liquidation income.

About the Korea Tax Accounting Level 2 (세무회계 2급) Exam

The Korea Tax Accounting Level 2 (세무회계 2급) is a nationally authorized qualification (국가공인 민간자격) administered by the Korean Association of Certified Public Tax Accountants (한국세무사회 / KACPTA). It assesses intermediate proficiency in tax accounting theory and practice, focusing on corporate tax adjustments (세무조정) and taxable income computation under the Corporate Tax Act (법인세법), individual global income computation and wage year-end settlement (연말정산) under the Income Tax Act (소득세법), and taxable transactions and input tax deductions under the Value-Added Tax Act (부가가치세법). This practice bank provides an independent 100-item English study adaptation with authentic Korean statutory and accounting terminology.

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

80-minute 필기시험 (100% 객관식) in two parts: 세법1부 (법인세법, 부가가치세법) 25문항 and 세법2부 (국세기본법, 소득세법) 25문항. Pass: at least 40 points in each part and a combined average of at least 60 points.

Time Limit

80 minutes

Passing Score

At least 40 points in each of 세법1부 and 세법2부 and a combined average of at least 60 points

Exam / Certification Fees

KRW 25,000 (KACPTA 접수수수료 for 세무회계 all grades; 자격증 발급비 KRW 5,000 extra)

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.

40% (40 Qs)

Corporate Tax Act (법인세법)

Taxable income computation (과세표준 및 세액계산), gross income inclusions and non-inclusions (익금산입/익금불산입: deemed rental deposits, capital gains, dividend exclusions), deductible and non-deductible expenses (손금산입/손금불산입: business entertainment limits, donation limits, tax penalties, depreciation limits and excess depreciation, bad debts), and income disposition (소득처분: 유보, 상여, 배당, 기타사외유출).

35% (35 Qs)

Income Tax Act (소득세법)

Global income taxation framework (종합소득세), interest and dividend financial income, business income computation and tax adjustments, wage and salary earned income withholding, comprehensive year-end tax settlement (연말정산: personal deductions, special tax credits for insurance, medical, education, and donations), pension and other income, basic capital gains tax (양도소득세), and retirement income tax.

25% (25 Qs)

Value-Added Tax Act (부가가치세법)

Taxable persons and registration, supply of goods and services, deemed supplies (간주공급: personal consumption, business gifts, self-supply, supply upon closure), timing of supply (공급시기), VAT tax base calculation, zero-rating (영세율) vs tax exemption (면세), tax invoices and electronic issuance rules, input tax deduction rules and non-deductible input taxes (매입세액 불공제: luxury passenger cars, entertainment, land capital expenditure), and simplified taxation basics (간이과세).

Preparing for the Korea Tax Accounting Level 2 (세무회계 2급) Exam

What You Need to Know

  • Passing score: At least 40 points in each of 세법1부 and 세법2부 and a combined average of at least 60 points
  • Assessment: 80-minute 필기시험 (100% 객관식) in two parts: 세법1부 (법인세법, 부가가치세법) 25문항 and 세법2부 (국세기본법, 소득세법) 25문항. Pass: at least 40 points in each part and a combined average of at least 60 points.
  • Time limit: 80 minutes
  • Exam / certification fees: KRW 25,000 (KACPTA 접수수수료 for 세무회계 all grades; 자격증 발급비 KRW 5,000 extra) Official sources

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Korea Tax Accounting Level 2 (세무회계 2급): Suggested Study Strategy

1Master the 4 income disposition categories (소득처분): 유보 (Retained/Temporary difference tracked on Cap/Res Statement Eul), 상여 (Bonus to officer/employee), 배당 (Dividend to shareholder), and 기타사외유출 (Other Outflow where tax liability is settled or paid to government).
2Understand the mechanics of entertainment expense (접대비) limits: basic limit plus revenue-scaled limit, non-deductibility of unreceipted expenses exceeding KRW 30,000, and treatment of excess limits as 기타사외유출.
3In Corporate Tax depreciation (감가상각비), remember that depreciation is an elective deduction (결산조정사항); excess depreciation over statutory ceiling is non-deductible (손금불산입 유보) and reverses in future periods when actual depreciation is under ceiling or asset is disposed.
4In Income Tax year-end tax settlement (연말정산), distinguish personal basic deductions (KRW 1.5 million per qualified dependent meeting age and KRW 1 million income limit) from special tax credits (insurance, medical, education, donation).
5In VAT, distinguish zero-rating (영세율: complete exemption with input tax refund, applicable to exports) from tax exemption (면세: partial exemption without input tax deduction, applicable to necessities like unprocessed food and healthcare).
6Memorize the mandatory non-deductible input tax categories (매입세액 불공제): non-business related, small passenger cars (8 seats or fewer, non-compact >1,000cc), entertainment, land-related capital expenditures, and unsubmitted/faulty tax invoices.

Frequently Asked Questions

What is the Korea Tax Accounting Level 2 (세무회계 2급) qualification?

Korea Tax Accounting Level 2 (세무회계 2급) is a nationally authorized professional qualification (국가공인 민간자격) managed by the Korean Association of Certified Public Tax Accountants (한국세무사회 / KACPTA). It tests intermediate practical understanding of corporate taxation, individual income taxation, and value-added tax.

How is the official 세무회계 2급 examination administered?

The official examination is an 80-minute written examination (서술·계산형 주관식/객관식) testing the Corporate Tax Act (법인세법), Income Tax Act (소득세법), and Value-Added Tax Act (부가가치세법). The passing standard is 70 points or higher out of 100.

What is the difference between Computerized Tax Accounting (전산세무) and Tax Accounting (세무회계)?

While Computerized Tax Accounting (전산세무 1급/2급) emphasizes software data entry using accounting programs (such as KcLep) alongside theory, Tax Accounting (세무회계 1급/2급/3급) is a rigorous written examination focusing purely on tax legal provisions, computational algorithms, and tax adjustments (세무조정).

What are the core topics tested in Corporate Tax for Level 2?

Corporate Tax tests taxable income reconciliation (세무조정: gross income inclusion 익금산입, expense deduction 손금산입), statutory non-deductible expenses (business entertainment 접대비, donations 기부금, asset depreciation 감가상각비, bad debts 대손금), income disposition categories (소득처분: 유보, 상여, 배당, 기타사외유출), and corporate tax rate bracket computations.

What are the core topics tested in Income Tax and VAT?

Income Tax focuses on global income aggregation, business income tax adjustments, wage withholding, year-end tax settlement deductions/credits, and capital gains tax. VAT focuses on taxable supply of goods/services, deemed supplies, timing of supply, electronic tax invoicing, input tax deduction limitations, and simplified taxation.

What does this 100-question practice bank provide?

This practice bank is an independent English-language adaptation providing 100 high-yield multiple-choice questions: 40 questions on Corporate Tax, 35 questions on Income Tax, and 25 questions on Value-Added Tax, complete with authentic Korean statutory terminology and step-by-step worked calculations.