Exodus 19

The Lord said to the children of Israel -

"Ye have seen what I did unto the Egyptians, and how I bare you on eagles' wings, and brought you unto myself.
5 Now therefore, if ye will obey my voice indeed, and keep my covenant, then ye shall be a peculiar treasure unto me above all people: for all the earth is mine..."  (Old Testament | Exodus 19:4 - 5)

Herein, we see the very core of covenants being if...then.  And the people promised -

"...All that the LORD hath spoken we will do."  (Old Testament | Exodus 19:8)

I'm sure that this is the same promise we made in our first estate.  Thus the Lord then speaks and commands -

"Thou shalt have no other gods before me.
4 Thou shalt not make unto thee any graven image, or any likeness of any thing that is in heaven above, or that is in the earth beneath, or that is in the water under the earth:
5 Thou shalt not bow down thyself to them, nor serve them: for I the LORD thy God am a jealous God, visiting the iniquity of the fathers upon the children unto the third and fourth generation of them that hate me;
6 And shewing mercy unto thousands of them that love me, and keep my commandments."  (Old Testament | Exodus 20:3 - 6)

In my mind, these two commandments are really one whereby the first and greatest commandment is -

"...Thou shalt love the Lord thy God with all thy heart, with all thy might, mind, and strength; and in the name of Jesus Christ thou shalt serve him."  (Doctrine and Covenants | Section 59:5)

When we contemplate "love the Lord thy God", "no other gods", not " any graven image", this means keeping the commandments.  President Spencer W. Kimball wrote -

“The idolatry we are most concerned with here is the conscious worshipping of still other gods. Some are of metal and plush and chrome, of wood and stone and fabrics. They are not in the image of God or of man, but are developed to give man comfort and enjoyment, to satisfy his wants, ambitions, passions and desires. Some are in no physical form at all, but are intangible….

“Modern idols or false gods can take such forms as clothes, homes, businesses, machines, automobiles, pleasure boats, and numerous other material deflectors from the path to god-hood. What difference does it make that the item concerned is not shaped like an idol? Brigham Young said: ‘I would as soon see a man worshipping a little god made of brass or of wood as to see him worshipping his property’ [Journal of Discourses, 6: 196].

“Intangible things make just as ready gods. Degrees and letters and titles can become idols. Many young men decide to attend college when they should be on missions first. The degree, and the wealth and the security which come through it, appear so desirable that the mission takes second place. Some neglect Church service through their college years, feeling to give preference to the secular training and ignoring the spiritual covenants they have made.

“Many people build and furnish a home and buy the automobile first— and then find they ‘cannot afford’ to pay tithing. Whom do they worship? Certainly not the Lord of heaven and earth, for we serve whom we love and give first consideration to the object of our affection and desires. Young married couples who postpone parenthood until their degrees are attained might be shocked if their expressed preference were labeled idolatry. Their rationalization gives them degrees at the expense of children. Is it a justifiable exchange? Whom do they love and worship— themselves or God? Other couples, recognizing that life is not intended primarily for comforts, ease, and luxuries, complete their educations while they move forward with full lives, having their children and giving Church and community service.

“Many worship the hunt, the fishing trip, the vacation, the weekend picnics and outings. Others have as their idols the games of sport, baseball, football, the bullfight, or golf. These pursuits more often than not interfere with the worship of the Lord and with giving service to the building up of the kingdom of God. To the participants this emphasis may not seem serious, yet it indicates where their allegiance and loyalty are.

“Still another image men worship is that of power and prestige. Many will trample underfoot the spiritual and often the ethical values in their climb to success. These gods of power, wealth, and influence are most demanding and are quite as real as the golden calves of the children of Israel in the wilderness.” (Miracle of Forgiveness, pages 40– 42

"...All that the LORD hath spoken we will do..."  (Old Testament | Exodus 19:8)