Pick up the correct statement from the following:

Correct answer will be:

1. The estimated value of the work excluding the amount for contingencies, work charged establishment, tool and plants, is called work value
2. The actual expenditure involved to complete a work including incidental, establishment and travelling charges, is called actual cost
3. The formal acceptance by the administrative department for incurring an expenditure on the work, is called administrative approval

Answer: All the above