Pick up the correct statement from the following:
a. The estimated value of the work excluding the amount for contingencies, work charged establishment, tool, and plants are called work value.
b. The actual expenditure involved to complete work including the incidental, establishment, and traveling charges, is called actual cost.
c. The formal acceptance by the administrative department for incurring expenditure on the work is called administrative approval.
d. All the above
Answer: – All of the above
Option d is correct.