Step 1: Analyze the assertion.
Sulphur dioxide (SO\(_2\)) and hydrogen peroxide (H\(_2\)O\(_2\)) are known to exhibit both oxidising and reducing properties. SO\(_2\) can act as an oxidising agent when it reacts with oxygen, and as a reducing agent when it reacts with chlorine. Similarly, hydrogen peroxide can act as both an oxidising and reducing agent. However, Nitric acid (HNO\(_3\)) is typically an oxidising agent and does not act as a reducing agent under normal conditions. Thus, the assertion is correct.
Step 2: Analyze the reason.
Sulphur and Oxygen can indeed exhibit multiple oxidation states. Sulphur can exhibit oxidation states ranging from -2 to +6, and Oxygen typically exhibits -2 but can also exhibit other oxidation states in certain compounds. On the other hand, Nitrogen, while it can exhibit multiple oxidation states, does not exhibit as wide a range of oxidation states as Sulphur and Oxygen. Hence, the reason is incorrect.
Step 3: Conclusion.
Therefore, the correct answer is (A) — Assertion is correct, but Reason is wrong.