Which term refers to the total depreciation taken on a depreciable asset over its entire life?

The correct term that refers to the total depreciation taken on a depreciable asset over its entire life is "Accumulated Depreciation." This concept accumulates the depreciation expense recognized against an asset since the asset was acquired. It represents the total loss in value of the asset due to wear and tear, age, or obsolescence as it is used over time.

Accumulated depreciation is recorded on the balance sheet as a contra asset account, which reduces the book value of the asset. It is important for financial reporting and tax purposes, as it helps reflect the true value of an asset after accounting for its usage and age over its useful life. This measure is critical for understanding the financial position of a company, especially when assessing asset efficiency and the need for future capital expenditures.

The other options do not accurately describe total depreciation over an asset's life. Capital expenditures refer to the funds used by a company to acquire or upgrade physical assets; amortized cost typically pertains to intangible assets or loans and does not apply to physical asset depreciation; and residual value is the estimated value of an asset at the end of its useful life, rather than the total depreciation taken during that life.