The term 'FORMALWEAR ACCESSORY' can be summarized as a type of clothing item that is worn with formal attire. The crossword solution for this term is 'STUD', which is a small, decorative item that is often worn on a shirt or jacket. It is usually made of metal and is often adorned with gemstones or other decorations. Studs are typically used to add a touch of sophistication to an outfit and are a popular choice for formal occasions.