The Accumulated Depreciation Account

C

Depreciation recognized and accumulated on fixed assets still on the books is reflected in the Accumulated Depreciation account(s).

The correct answer is B. Only the depreciation expense recognized during the current year.

Accumulated depreciation is a contra-asset account that represents the total depreciation recognized on fixed assets since they were acquired. It is used to reduce the carrying value or book value of the fixed assets on the balance sheet. As fixed assets are used over time, they gradually lose their value due to wear and tear, obsolescence, or other factors. The accumulated depreciation account keeps track of this reduction in value.

Option A, total depreciation for fixed assets since the business was formed, is incorrect because the accumulated depreciation account only represents the depreciation recognized during the current year, not the cumulative depreciation since the business's formation. The accumulated depreciation account is specific to the current year's depreciation expenses.

Option C, total depreciation for fixed assets still in use, is incorrect because the accumulated depreciation account includes the depreciation for fixed assets that may no longer be in use or have been disposed of. It represents the total depreciation recognized on all fixed assets, whether they are still in use or not.

Option D, current depreciation expense plus estimated depreciation for next year, is incorrect because the accumulated depreciation account only reflects the actual depreciation expense recognized during the current year, not future estimates. It does not include any estimates or projections of depreciation for future periods.

Therefore, option B is the correct answer as it accurately states that the accumulated depreciation account shows only the depreciation expense recognized during the current year.