Yes. Accounts and addresses are separate from each other. The account system is deprecated and should not be used. It really is more like a labeling system now. The account that an address is in is based upon the label that you set on it.
Okay, so I went with Eligius a few years back and rebuilding the blockchain I see transactions of an address I labeled Eligius. I thought that was a private label only applicable to my wallet. So, that label would appear to Slush if I tried to use that address again?