Step 1: Understanding the Concept
Inbreeding is mating between closely related animals of the same breed, usually for 4 to 6 generations.
Step 2: Check the statements
It increases homozygosity, so pure lines can be obtained. It exposes harmful recessive genes so they can be removed. It also helps to accumulate superior genes.
Step 3: Find the wrong one
Breeding animals of two related species with no common ancestor is outbreeding or interspecific hybridisation, not inbreeding.
Final Answer:
The statement about breeding two different species with no common ancestor is incorrect.
\[ \boxed{\text{(B) }\text{It involves breeding of animals of two related species having no common ancestors.}} \]