The study is conducted to explain the concept of accounting and management in the organizational context. It explains the meaning and importance of different types of budgets operating in the company. It also discusses the process of developing budgets in an enterprise. It provides the evaluation of the importance and benefits of Master budgets in an entity. The discussion is being provided on the investment appraisal techniques such as; Pay-back period (PBP), internal rate of return (IRR), Net present value (NPV) and others. The discussion highlights the importance of investment appraisal practices in making the long term financial decision of the entity.