The correct option is B Both Assertion and Reason are correct but Reason is not the correct explanation for Assertion.
The last step in the aerobic respiration of plant cells is the oxidation of reduced coenzymes by molecular oxygen. The oxidation of one of the reduced coenzymes in Krebs cycle takes place by the stepwise transfer of electrons to a series of electron acceptors forming ATP along the way. Finally, the electrons along with protons from hydrogen ions are transferred to molecular oxygen, forming water. So, terminal oxidation is the last step of aerobic respiration. Thus, the assertion is correct.
Electron transport is an oxidative phosphorylation process. So, reason is also correct but it does not explain the assertion.