Which of the following statements are not correct for a particle moving with variable velocity? 

(I) Average Speed = Average Velocity

(II) Instantaneous Speed = Magnitude of Instantaneous Velocity

(III) Distance covered = Magnitude of Displacement

For a particle moving with variable velocity, the average speed can never be equal to average velocity. Therefore, statement (I) is incorrect. The particle moving with a variable velocity will undergo non-uniform motion. Since, the magnitude of displacement and distance are different for a particle undergoing non-uniform motion. Hence, the statement (III) is also incorrect.