After the adjustments have been completed,the adjusted balance in the Accumulated Depreciation account represents the:

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Quizplus · Accepted Answer

The adjusted balance in the Accumulated Depreciation account represents the total depreciation taken on the long-lived assets since their purchase. This account is a contra asset account and reduces the carrying value of the long-lived assets. Therefore, option B is the correct choice. Option A is incorrect because the current period's depreciation expense is recorded in the Depreciation Expense account. Option C is incorrect because the carrying value of the long-lived assets is calculated as the original cost of the assets minus the accumulated depreciation. Option D is incorrect because the decline in the market value is not reflected in the Accumulated Depreciation account.

After the Adjustments Have Been Completed,the Adjusted Balance in the Accumulated