A cost item refers to a category of costs incurred by an organization that are similar in nature. These costs are collected together both for reporting purposes and because they can be subjected to similar treatment by the costing system. Examples include rent, consumable materials, and sundry selling expenses.
A cost sheet is a form used in costing to collect and present all the costs associated with a service, product, process, or cost center, often for management analysis or use in a costing system.
