Exercise 2-1 (Static) Identify terms associated with the measurement process (LO2-1) Listed below are several terms and phrases associated with the measurement process for external transactions. Required: Select the term which is most appropriately associated with the description listed. Descriptions 1. Record of all transactions affecting a company. 2. Determine the dual effect of business events on the accounting equation. 3. List of accounts and their balances. 4. Summary of the effects of all transactions related to a particular item over a period of time. 5. Transfer balances from the journal to the general ledger. Terms Account