Using KDE 4.7.5 in Kubuntu 16.10. First, notice that the version in bugzilla stops at 4.14.1!! Using the Menu: Help -> About KDE It is expected to see which version KDE is running (at least this particular application was compiled against). This is specially important on upgrades and multiple versions concurrent.
The version of the libraries an application is compiled against is available in the "About [Application]..." dialog, "Versions" tab. Note that there is no "KDE version". KDE is the community which has (at least) three separately released products, namely the libraries/frameworks, the applications, and the Plasma workspace. Each of those has its own version.
*** Bug 388870 has been marked as a duplicate of this bug. ***