Context:
Hu Jin -Towel.
It's a joke, a bad one, but the author thinks he's clever. One thing to remember is that there is no accounting for bad taste.
One cannot justify or explain why some people do strange things, tell bad jokes, or behave in an unacceptable way. "To account for" means to explain or show why. To account for the money a business made during a day is to show how the money was made (what was sold) and where the money is now.
[not a teacher]
taste:
7a : critical judgment, discernment, or appreciation b : manner or aesthetic quality indicative of such discernment or appreciation - source
The phrase, including the "no", is very common in AmE, and is sometimes a mild insult.
Example:
1: I love this song!
2: Well, there's no accounting for bad taste.
1: Hey! I thought you liked it.
2: No, it's too "dancy".
1: You're right. There is no accounting for bad taste. :-p