![]() ![]() Therefore, reconciliation of cost sheet and financial statement should be done on a regular interval. 2008 Prentice Hall Business Publishing Accounting Information. Data of financial statement is used for preparation of cost sheet. After updating the general ledger (GL), journal entries are stored in a journal voucher file. Although cost sheets are prepared as per the requirements of the management, the information to be incorporated in a cost sheet should comprise of cost per unit and the total cost for the current period along with the cost per unit and the total cost of preceding period. A cost sheet is prepared to know the outcome and breakup of costs for a particular accounting period.
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