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Does morality depend on God for its legitimacy? Specifically, is an action right (or wrong) because God commands that it be so-or is it right (or wrong) independent of God's commands, so that God must in fact answer to the moral law? The view that morality does depend on God is known as the "divine command theory," and Rachels critiques it in this reading. He argues that this conception of morality is false and that neither the theist nor the nontheist should accept it.
-The main problem with the divine command theory was first noted by Plato.
Fair Value
The price at which an asset would be bought or sold in an orderly transaction between market participants at the measurement date.
Historical Cost Principle
An accounting principle that states assets should be recorded and reported at their original purchase price, not their current market value.
Economic Entity Assumption
The economic entity assumption is an accounting principle that treats a company as a separate entity from its owners for reporting purposes.
Comparability
A qualitative characteristic of financial information that allows stakeholders to identify similarities and differences between two or more sets of economic facts.
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