Statement I : A reactant that is entirely consumed when a reaction goes to completion is known as limiting reactant.Statement II : The amount of limiting reactant limts the amount of product formed.

The reactant which is completely consumed during the reaction is a limiting reagentEx :- 2Mg + O2 → 2MgOSuppose '48g' each of Mg and O2 are taken48g of Mg require only 32g of O2 but 48g of O2 is taken.Mg is the limiting reagent and O2 the excess reagent. The amount of MgO formed depends on the amount of the reactant which completely reacted. (amount of limiting reactant).Statement I and Statement II are true