What is the meaning of term

Definately the abbreviation "A/C" means Account. We use such Abbreviation widely while Preparing Profit & Loss A/c, Cash A/c, Salary A/c, Bank A/c

Account Current is also a Concept, which is discussed in IPCC level Accounts.

A type of account that is ongoing between two or more entities. 

For Eg Purchase Account

It is a record of business transactions that shows the total amount of money owed as of the date of the summarizing statement.