In a monetary$-$unit sampling plan, the upper misstatement limit is $$11,200$ and the risk of incorrect acceptance is $5\%.$ This means that:

Multiple Choice

$$ there is a $95\%$ chance that the actual misstatement in the account is $$11,200$ or less.

$$ there is a $95\%$ chance that the actual misstatement in the account is $$11,200.$

$$ tolerable misstatement is $$11,200.$

$$ there is a $95\%$ chance that the actual misstatement in the account is $$11,200$ or more.