UGC NET Commerce Q15

Question

The following are the two statements regarding concept of profit. Indicate the correct code of the statements being correct or incorrect.
Statement (I): Accounting profit is a surplus of total revenue over and above all paid-out costs, including both manufacturing and overhead expenses.
Statement (II): Economic or pure profit is a residual left after all contractual costs have been met, including the transfer costs of management, insurable risks, depreciation and payments to shareholders sufficient to maintain investment at its current level.