Step 1: Understanding the Concept
The Krebs cycle oxidises acetyl CoA, and some steps give reduced coenzymes while one step gives GTP or ATP.
Step 2: Statement (I)
There are four oxidation steps: isocitrate to oxalosuccinate and alpha-ketoglutarate to succinyl CoA (using \(\text{NAD}^{+}\)), succinate to fumarate (using FAD) and malate to oxaloacetate (using \(\text{NAD}^{+}\)). This is correct.
Step 3: Statement (II)
Only one substrate-level phosphorylation occurs per turn, when succinyl CoA is converted to succinate. It gives one GTP, not two. So this is incorrect.
Final Answer:
Statement (I) is correct and Statement (II) is incorrect.
\[ \boxed{\text{(C) }\text{Statement (I) is correct but Statement (II) is incorrect.}} \]