Archimedes principle describes the magnitude of buoyant force acting on a body that is partially or completely submerged in a liquid.
1-Archimedes' principle says that when a body is partially or fully immersed in a liquid then the loss in the weight of the body is equal to the volume of the liquid displaced by it.
2-Archimedes principle is used to describe the magnitude of buoyant force acting on a body that is partially or completely submerged in a fluid.
Hence, the given statement is true.