What is the difference between the terms tolerable misstatement and preliminary judgement about materiality?

A preliminary judgment about materiality is set for the financial statements as a whole. tolerable misstatement is the maximum amount of misstatement that would be considered material for an individual account balance. the amount of tolerable misstatement for any given account is dependent upon the preliminary judgment about materiality. ordinarily, tolerable misstatement for any given account would have to be lower than the preliminary judgment about materiality. in many cases, it will be considerably lower because of the possibility of misstatements in different acounts, that, in total, annot exceed the preliminary judgment about materiality. (lo #9-2, 9-3)