In the absence of a rule or an interpretation, a CPA could use which of the following to apply to the accounting for a certain situation?

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The Conceptual Framework provides the underlying concepts and principles used in preparing financial statements. It serves as a basis for developing accounting standards and interpretations when there is no specific rule or interpretation to apply to a particular situation. The SEC rulings, auditing textbooks, and the IRS Code may provide guidance in certain situations, but they do not serve as a universal framework for all accounting situations.

In the Absence of a Rule or an Interpretation, a CPA