These TCG rulings were issued by Upper Deck Entertainment and have since been deemed unofficial by Konami. They were previously considered official and can still be correct, as long as they follow the official gameplay rules, or unless Konami has issued a ruling that says otherwise. References: 
"Kinka-byo's" effect targets 1 Level 1 monster in your Graveyard and continues to target it while it is on the field.
When "Kinka-byo" is flipped face-down its effect disappears. If it is flipped face-up and Special Summons another Level 1 monster, when it is removed from the field only the newly Special Summoned Level 1 monster is removed from play. The previously Special Summoned Level 1 monster remains on the field.
These TCG rulings were issued by Upper Deck Entertainment and have since been deemed unofficial by Konami. They were previously considered official, but may or may not necessarily hold true nowadays.