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In Cato's Letters, the authors declare that "Without freedom of thought there can be no such thing as wisdom, and no such thing as public liberty, without freedom of speech." To what extent did freedom of thought and freedom of speech exist in eighteenth-century British America?
Business Entity Assumption
A principle that requires a business to be accounted for separately from its owner or other businesses, ensuring that the company's financial statements reflect only its own operations and financial position.
Personal Automobile
A vehicle intended for private use by individuals rather than for commercial or industrial purposes.
Sole Owner
An individual who has full ownership and control over a business, bearing all the risks and benefits of the entity.
Accounting Equation
The fundamental principle of accounting that states assets equal liabilities plus owners' equity, serving as the foundation for double-entry bookkeeping.
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