Final answer:
The statement is too simplistic and therefore false; financial instruments have diverse objectives beyond just existence and consistency, inclusive of risk management, profitability, and legal compliance.
Step-by-step explanation:
The statement 'The most important objectives for financial instruments are existence and consistency' could be considered false as it oversimplifies the objectives of financial instruments. Financial instruments are tools that manage financial risk and return, with a range of objectives that depend on the financial strategy, such as liquidity management, profitability, risk management, and compliance with legal and regulatory frameworks. Existence refers to the actual presence of financial instruments, while consistency might be related to reliability and compatibility in financial reporting or performance across different time periods.
When considering financial instruments, it's important to understand that they are used not only for managing money but also for budgeting, investing, credit facilities, borrowing, and making significant financial decisions like purchasing a home or planning for the costs of post-secondary education.