Concept:
Many invertebrates possess characteristic larval stages which are useful in classification and evolutionary studies.
Step 1: Examine Statement I.
Auricularia is the larva of holothurians (echinoderms).
Mytilus is a mollusc and does not possess auricularia larva.
Hence Statement I is incorrect.
Step 2: Examine Statement II.
Glochidium is the larval stage of freshwater mussels such as Unio.
Hence Statement II is correct.
Step 3: Examine Statement III.
Trochophore larva occurs in annelids and molluscs.
Nereis is an annelid, not an arthropod.
Therefore Statement III is incorrect.
Step 4: Examine Statement IV.
Planula is the characteristic larva of cnidarians such as Obelia.
Hence Statement IV is correct.
Step 5: Final conclusion.
Correct combinations are:
\[
II \text{ and } IV
\]
Hence option (A) is correct.