Replacing values in standard fields

Is it possible to have only 4 values in type picklist field of account. I am trying to replace this values but not sure how to do it.

Similar is the case for Industry picklist on account object


Sure, go to Customize->Account->Fields and then click the Field Label:

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Which then allows you to edit on this screen:

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Source : Link , Question Author : NonProfitOrgDeveloper , Answer Author : Phil Hawthorn

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