Explanation:

- The period of limitation for suits relating to accounts is governed by the Limitation Act.

- This act provides a timeframe within which a lawsuit must be filed to be considered valid.

- Typically, the limitation period for suits concerning accounts is counted from when the right to sue accrues.

- Let’s review the options:

- Option 1: 3 years - This is commonly recognized under the Limitation Act for account-related suits.

- Option 2: 7 years - This duration is not standard for accounts but may apply to other legal situations.

- Option 3: 1 year - Unlikely for account disputes; more common for shorter liabilities.

- Option 4: 5 years - This duration may pertain to specific cases but isn't typical for accounts.

- Therefore, Option 1: 3 years is the correct answer.