Step 1: Understanding the Concept:
Electron displacement effects decide how charge is spread in an organic molecule. Two key ones are the inductive effect and the resonance (mesomeric) effect.
Step 2: Inductive effect.
It is the permanent shift of electrons along a chain of sigma bonds because of an electronegative atom or group. It works through sigma bonds only. So (I) is TRUE and (III) is FALSE.
Step 3: Resonance effect.
It is the delocalisation of pi electrons or lone pairs through a conjugated system. It works through pi bonds and not sigma bonds. So (II) is TRUE and (IV) is FALSE.
Step 4: Pick the pair.
The true statements are (I) and (II), which is option (A). Options (B), (C) and (D) each include (III) or (IV), which are false.
Final Answer:
Inductive effect travels via sigma bonds, resonance effect via pi bonds.
\[ \boxed{\text{(I) and (II)}} \]