Final answer:
The statement is false because the completeness objective ensures all transactions are recorded, and lack of completeness leads to understatement, not overstatement, of assets and income.
Step-by-step explanation:
The statement "Misstatements involving the completeness objective for sales lead to overstatements of assets and income." is False. The completeness objective in accounting ensures that all transactions that should be recorded in a time period are indeed included. If sales figures are not complete—that is, if they are understated—then both income and assets would be understated as well. Conversely, if sales are overstated, then assets and income would be overstated, but this scenario is related to the accuracy or occurrence objective, not the completeness objective.
It appears that you're mentioning "in150" again, and it's unclear how it relates to your statement. However, regarding the statement you provided, misstatements involving the completeness objective for sales can indeed lead to overstatements of assets and income.
In auditing and financial reporting, completeness is one of the fundamental objectives. If sales transactions or related information are not completely recorded or reported, it can result in an understatement of liabilities, expenses, or other financial elements, and may lead to an overstatement of assets and income. This can impact the accuracy and reliability of financial statements. Auditors carefully examine completeness to ensure that all relevant transactions and information are appropriately included in the financial reports.