Final answer:
A master budget is typically prepared for top management only. It helps in coordinating activities among subunits of an organization by setting overall goals and objectives, allocating resources, and monitoring performance.
Step-by-step explanation:
A master budget is typically prepared for top management only. It serves as a comprehensive financial plan that includes all the individual budgets of different departments within an organization. The master budget helps in coordinating activities among subunits of an organization by setting overall goals and objectives, allocating resources, and monitoring performance.