Accuracy is a score that represents the number of mistakes made.
Accuracy percentage is the ratio of keys typed correctly to all keys typed. The higher the percentage, the fewer errors you have made. 100% accuracy means that you did not make any mistakes.
Accuracy is calculated using the standard word length. For each word with an error you get a five keystroke penalty, regardless of the number of errors in the word.
Accuracy percentage is always rounded down, for example 96.99 is rounded to 96%, not 97%.