A capstone project is indeed the final project undertaken by students at the end of their academic program.
It serves as a culminating academic and intellectual experience, demonstrating the skills and knowledge gained.
Additionally, a capstone project usually requires students to independently research a specific topic or problem.
This promotes critical thinking, problem-solving, and application of concepts in a practical way.
Therefore, both statements accurately describe what a capstone project involves.
So, the correct answer is that both Statement I and Statement II are correct.