The study focuses on master budgets and their elements, comparing top-down and bottom-up budgeting approaches. The analysis includes the applicability of these methods in Abilene Oil and Gas Ltd. The master budget consists of sales, direct labor, manufacturing overhead, production, capital acquisition, cash budgets, and budgeted financial statements. Each element plays a crucial role in financial planning, coordination, and decision-making. The study emphasizes the importance of effective budgeting in achieving organizational objectives.