Activity-based costing (ABC) is a method, which identifies activities in a firm and assigns the expenses of each activity with resources to all products and services based on the real consumption by each. This method allocates more overhead costs into direct expenses compared with conventional method. ABC method is normally used for costing as well as monitoring different activities, which involves tracing resource consumption. This paper presents a survey on advances of ABC based method. The study has discussed the advantages and disadvantages of the implementation of ABC based method in different industries. The survey also discusses recent advances on time driven ABC method in health care industries.