Job Order Costing is one of the first costing systems developed by scholars to accommodate the needs of cost-centric industries in competitive markets. Earlier, when the industries tend to manufacture goods, they were driven by the cost of the goods where the profit margin when added to the manufacturing cost resulted in the selling price of the produced unit. This system has had major setbacks, the market when it is under diligent competition and prices are to be formulated addressing the market prices set by the competition. As a solution, the Job Order Costing (JOC) was developed. Job Order Costing aids to determine the cost of producing individual units in a manufacturing factory while figuring out this cost is a staged process including direct working hands, raw goods, and the overhead costs calculated for the production. Aggressively used in this sector at that time, the JOC was used to determine how much profit a job is. Monitor the equipment utilization and make decisions based on the data generated. Although this was the most used costing system model, it had disadvantages too where overheads were too complex to be determined and supervised due to extensive paperwork and estimate-based overheads. These conflicts and miscalculations can result in wrong customer invoicing and wrong job cost allocations subjecting us to losses ahead in time with a bad company reputation. In contrast to JOC, the Activity-Based Costing (ABC) methodology accounts for the indirect cost associated with the goods as well as the services. It acknowledges the relationship among the factors responsible for cost changes such as labor, raw goods, and overhead costs. The activity in the ABC is the cost-driven element used for service and manufacturing. ABC approach takes charge of the wide range of pool by activity against a single pooled job as well as creates volume bases for overhead costs altering the nature of several indirect costs. Write an Executive summary for the above given paragraph with a word limit of 300 words