Hi,
Is my circuit will able to measure the AC voltage accurately (1-2%).
I assume what you want to ask about is precision, not accuracy.
My answer is: No.
Not because the ferrite bead, the 1k, or the BAT54. No, mainly because of the measurement method.
AC measurement, different techniques and their precision problems have been discussed here in the forum many times.
Just do a forum search.
Your analog circuit is close to the "rectified average" method. The expected ripple is less than 1LSB (but it's measurement response time is very slow). I assume you want to show the result as "RMS" value. But you may use "rectified average method" only when you have known and stable waveform. As soon as there is some distortion/modification on the waveform you will see a difference (error) between your value and true RMS value.
For variable waveform: no other measurement method can replace true RMS method.
Diode error:
Your source impedance is mainly determined by the 10k resistor...with the 1k in series it makes about 11k.
You don't tell about ADC input range, thus I just take 3.3V as example.
2% of 3.3V is 66mV allowed error. (Percent calculation)
66mV at 11k means 6uA. (Ohm's law)
Thus your allowed diode leakage current error is 6uA. (Both dides in combination, where one diode compensates a part of the other diode current. Worst case points are at GND and VCC)
Klaus