"...Is it 1 rev. every 12"?..." Yep.
"...what is a good or super accurate twist ratio?..." Depends on the cartridge and the bullet weight. There is no one rifling twist that covers all cartridges or bullet weights.
Heavy bullets for a given calibre tend to prefer a faster twist. "Heavy" for, say a .223, starts at about 60 grains. For a .243 it's at 85 grains. .30 calibres work well with a 1 in 10 twist and really like 165 and 168 grain bullets. Like manitou210 says, it has to do with stabilizing the bullet.