Final answer:
Accounting records must be based on verifiable data, following the objectivity principle which requires documentation like receipts and invoices to support information in the records.
Step-by-step explanation:
The statement that accounting records should be based on the most verifiable data relates to the objectivity principle in accounting. This principle dictates that accounting records and the information contained within should be independent of personal opinions or biases, and supported by empirical evidence and documentation that can be verified. For instance, a transaction recorded in the accounting books should be supported by factual evidence like receipts, invoices, or bank statements, which provide verifiable proof of the transaction.
In the context of an accounting class or research paper, any assertions or statements must rest on verifiable facts rather than assumptions or personal belief. For example, the exact amount of sales revenue should be reported based on actual sales receipts rather than an estimated figure without supporting evidence.