In the photoelectric effect, the kinetic energy of the emitted photoelectrons depends on the frequency (or wavelength) of the incident light, not its intensity. Hence, Assertion (A) is false. The photoelectric current depends on the intensity of the incident light and not its wavelength, so Reason (R) is also false.
Thus, the correct answer is:
\[
\boxed{\text{Assertion (A) is false and Reason (R) is also false.}}
\]