Am still new to the StackExchange community. I noticed there was an accept an answer functionality in StackOverflow. Is it available here? If yes, where is it found?
The "accept answer" functionality exists globally on all Stack Exchange sites, Unix&Linux included. It also exists on all the meta sites.
It's a fundamental part of the Stack Exchange Question/Answer format and infrastructure, and is definitely available here (and on ever other Stack Exchange site/community that is launched). You can accept answers to questions you have asked by clicking on the check mark to the left of the answer:
Keep in mind that every Stack Exchange site runs the same software as Stack Overflow does. It's the same software, just a different 'community' and 'focus' to the site than Stack Overflow has (here on Unix&Linux specifically, the focus is to serve Unix & Linux users and to provide them a place to ask questions that are on topic per the Help Center's On-Topic Question Topics and to get relevant answers to those questions).