Final answer:
Job cost sheets are crucial in cost accounting for recording all costs associated with a specific job, ensuring accurate tracking of expenses and independent monitoring of each job's costs for profitability analysis and financial reporting.
Step-by-step explanation:
The statement 'There should be a separate job cost sheet for each job' is true. In cost accounting, a job cost sheet is a document that records all of the costs associated with a specific job. This job-specific record keeping allows for more accurate tracking of expenses and helps ensure that each job's costs can be monitored independently. A separate job cost sheet is essential for assigning material, labor, and overhead costs directly to each job, which is critical for determining the profitability of each job and for providing detailed cost information for financial reporting and decision-making.