Which of the following statements is true?

A block slides down a smooth inclined plane when released from the top, while another falls freely from the same point

The correct option is C

Both the blocks will reach the ground at the same speed

The correct option is A and C.

1. The freely falling block will reach the ground first as it has to travel less distance and with greater acceleration in comparison to the other block.
2. Both the blocks will reach the ground with the same speed because the potential energy of both decreases by the same amount, which gets converted into kinetic energy.

Hence, the correct options are (A) and (C).