what should be best represented in record

A single entity data should be considered for a record.IF you are building shopping application a cart item can be a record. If you are building a loan application. loan application can be a record, applicant can be a record,types of loans can also be a record.

Hi Mayank,

Here is the information, to get better understanding of records.
docs.appian.com/.../Create_a_Record_Type.html
docs.appian.com/.../Using_the_Records_Tab.html

Regards,
Krishna.

In broad way we can consider the entity which does not require any external parameter for creation can be used as record.

Here is an example
In School Management System below listed entities can be used as record
1. Student
2. Faculty
3. Exam

Record Tab >> Record Type >> Record List.
Record List to individual Records. Now , a record contains logical related data for that specific record. Each record have own set of data.
Hence 'Item in Catalog' is correct. Catalog is record list where as item is a record.

Any detailed object that has other similar objects of the same type would be shown on records. Users can navigate between records of the same type or completely different records.