Roughly spoken, yes, it functions like 'because of.' Example: "No one's killing any folk here today, on account of we got a really tight schedule." (Mal, from my favorite series, Firefly) It just sounds a lot funnier that way than the boring: "... because (of the fact that) we got a very tight schedule." It can also mean 'for the sake of.' Like: "They didn't divorce on account of the children."

Well said, Mark. :) Here's the subtle difference: "because" implies a basic result or reaction: cause and effect. "Account" implies that the situation was considered carefully... umm as though you were doing accounts. So the feeling is more logical or formal. Which makes Mal's line even richer. ^^