Final answer:
The statement in question refers to the Law of Definite Proportions, which posits that a chemical compound will always have the same proportions of elements by mass, such as the consistent composition of water or carbon dioxide.
Step-by-step explanation:
The statement 'Properties depend upon the elements and compounds present and their amounts' refers to the Law of Definite Proportions. This law establishes that a given chemical compound will always contain exactly the same proportion of each element by mass. For instance, water (H2O) will always be made up of 11.19% hydrogen and 88.81% oxygen by mass, irrespective of the sample's source or how it was prepared.
Another example could involve carbon dioxide (CO2), which will always consist of 27.29% carbon and 72.71% oxygen by mass. The Law of Definite Proportions is fundamental to understanding chemical composition and reactions.