The accurate statement about the investigation is:
The 500-gram rock causes a larger splash because it has more kinetic energy.
When the rocks are dropped from the same height, they will both have the same gravitational potential energy at the start, which converts to kinetic energy just before they hit the water. However, the kinetic energy is also dependent on the mass of the objects. A heavier rock (the 500-gram rock) will have more kinetic energy than a lighter rock (the 350-gram rock) when they hit the water, leading to a larger splash.