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Pick up the correct statement from the following:
Answer & Solution
Answer: Option
D
Solution:
Work value refers to the estimated value of the work, excluding amounts for contingencies, work-charged establishment, tools, and plants.
Actual cost is the total expenditure involved in completing a work, including incidental, establishment, and traveling charges.
Administrative approval is the formal acceptance by the administrative department for incurring an expenditure on the work.
Therefore, all the statements are correct, making Option D: All the above the correct answer.
Actual cost is the total expenditure involved in completing a work, including incidental, establishment, and traveling charges.
Administrative approval is the formal acceptance by the administrative department for incurring an expenditure on the work.
Therefore, all the statements are correct, making Option D: All the above the correct answer.
