To consider the influence of the quality of the accelerometer and the installation position on the test frequency, a test scheme was designed to identify the first-order bending frequency with free and cantilever beams as well as the first-order torsion frequency with free plates. According to the energy method and mode shape, the correction relationship between the elastic modulus and the first-order bending frequency of free and cantilever beams is derived alongside the relationship between the shear modulus and first-order torsion frequency of a free plate. These relationships are suitable for informing the influence of the accelerometer mass and installation. The first-order bending frequency and the first-order torsion frequency of Sitka spruce beams, slabs, and oriented strand board have been measured along the length, which verifies the effectiveness of the derived relation in testing the elastic modulus and shear modulus of wood materials. Taking the ratio m/M between the mass of the accelerometer and the mass of the test specimen as a parameter, the scope of application of the modified relation is discussed.