The words accuracy and precision have been used interchangeably but when it comes to location, accuracy and precision have different meanings.

Accuracy

Location accuracy refers to how close a device's geographical determinant is to the real position of the device. The location accuracy of a device is dependent on the type of signal (GPS, cell tower, wifi).

Precision

Location precision refers to exactness. In location terms it means the closeness of two or more measurements in respect of each other. Precision is measured and expressed in latitude and longitude. The more decimal places you have in your lat/long, the greater your location precision will be.