Final answer:
Long-term debt, such as bonds payable, is typically recorded at present value on a balance sheet, which reflects future cash flows discounted at the market rate of interest.
Step-by-step explanation:
A balance sheet account that is usually reported at present value is long-term debt. For instance, bonds payable are typically recorded at their present value because they involve future cash flows discounted at the market rate of interest. This is relevant for banks as well, where their bank capital (net worth) is analyzed through a balance sheet that includes assets such as cash, reserves, loans to customers, and securities like U.S. Treasury bonds, and liabilities include deposits and other obligations.