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Plasmids are small, circular, double-stranded DNA molecules that are distinct from a cell's chromosomal DNA. They possess their own origin of replication, which allows them to replicate independently of the chromosomal DNA within the host cell. Therefore, Statement I is correct.
By definition, plasmids are extrachromosomal genetic elements. They exist outside the main bacterial chromosome and are not essential for the basic survival of the organism under normal conditions, though they often carry genes that provide advantages like antibiotic resistance. Therefore, Statement II is correct.
Since both Statement I and Statement II are scientifically accurate descriptions of plasmids, the correct option is (B).
Final Answer: Both Statement I and Statement II are correct