Standard lookup field Account on Objects like Asset cannot be renamed from 'Rename Tabs and Labels'

Steps to reproduce

1. Go to Rename Tabs and Labels from Setup
2. select language to (for example, German) 
3. click Edit for Assets
4. click Next
5. Give any value for ‘Asset Account’ field and save it.
6. change the user default language to German and open any of the Asset record and you will be able to observe The Account label field doesn't gets changed and other fields are translated to German.

Workaround

Rename the Account Entity directly from 'Rename Tabs and Labels' which renames the lookup field in Asset object.