True regarding significance of testing:
(Refer: Oxford Handbook of Medical Statistics, Pg.248)
Errors & P value

Null hypothesis – H0 – an assumption about the status of a phenomenon
Statistical errors (Null hypothesis)
Type 1 error is to reject alternate hypothesis when it should be accepted
Type 2 error is to accept alternate hypothesis when it should be rejected
Probability associated with type 1 error is significant
The significant level is always set to 5%