The acceleration manifests itself in two possible forms. The first form is an actual change in the magnitude of the velocity (think of the velocity vector as increasing or decreasing in length, but pointing in the same direction).
The other possible acceleration occurs when the velocity vector maintains its magnitude but changes its direction. This is consistent with our notion of acceleration because there is a still change in velocity (this time the change is direction, and not magnitude).
When you are moving in a circle with constant tangential velocity, the direction of the velocity vector always changes as the particle moves but maintains its magnitude |v|. So your equation is a=|V|^2/R.
The direction of this acceleration will always point towards the center of the circle.
I would recommend you grab a physics book (Sears and Zemanski, or halliday and resnik) and read the first two chapters. It will give you a sufficient answer.