To test this, I tried Control Panel > User Accounts > Change Account Type to and fro Standard account and Administrator account but no logs were produced from it.. Does not seem to log.
The answer is "Yes, there is an event type and it is logged." 4672 and 4648 are relevant to the scenario that you described, for example.
https://www.ultimatewindowssecurity.com/securitylog/encyclopedia/event.aspx?eventID=4672
But whether your system has been told to DO anything with the log is a different question.
First, you can check the Event Viewer to make sure the system is properly logging.
As far as how to review the events, it depends on what OS you are running.
Win XP http://www.makeuseof.com/tag/how-to-solve-your-windows-problems-with-event-id/ Vista http://techgenix.com/event-ids-windows-server-2008-vista-revealed/ WIn 7 http://www.dummies.com/computers/operating-systems/windows-xp-vista/how-to-review-events-in-windows-... win 8 https://www.howtogeek.com/school/using-windows-admin-tools-like-a-pro/lesson3 or http://www.computerperformance.co.uk/win8/windows8-system-event-log.htm win10 https://docs.microsoft.com/en-us/windows/device-security/auditing/view-the-security-event-log
