I. The geo-stationary satellite always has circular orbit. 
II. The time period of satellite depends on mass of the satellite, mass of the earth and height of satellite from the surface of earth.
Which of the following statement(s) is/are incorrect? 

Time period of satellite  $=\frac{2\pi {\left(R_E+h\right)}^{3/2}}{\sqrt{G{M}_E}}$

From the above equation, it is clear that the time period of satellite depends on the mass of earth (M_E), radius of orbit
(r = R_E + h) and height of the satellite from the surface of earth (h).
The geo-stationary satellite can have circular or elliptical orbit. 
Thus, only Statement I is incorrect.