Fleming's right-hand rule and the right-flat-hand rule are generally applied for determining the direction of flow of induced emf/current in straight conductors. The right-hand-fingers rule is applied for coils only. The right-hand-thumb rule can be applied for either straight conductors or coils. Different rules have to be applied for different situations. Also, a formula for determining the direction of induced emf/current does not exist on the basis of these rules. In this article, based on Faraday's law of electromagnetic induction and Lenz's law, an "imaginary closed circuit method" and a formula for determination of direction of induced emf/current has been proposed. The method is universal in the sense that it is applicable for conductors of any shape, for any kind of relative motion of the conductor with respect to the magnetic flux, and moreover it is applicable for the case of varying magnetic flux. (Contains 3 figures.)