Accuracy is how close you got to the target you were aiming at.
Precision is how consistent your shots are: For example, you take 10
shots all aimed at the same place, how close are those shots bundled
together. The smaller the spray footprint the more precise you are.
Note: You can be precise but not accurate. Your gun shots are all
bundled together (shooting precisely) but you have the gun aimed in the
wrong direction (not accurate).
The club has a sweet spot, the ding line. The further you are from
the ding line the less accurate you are going to be to the target. Extra
forgiveness diminishes the effects of missing the ding line.
With respect to putting: if you are a ding putter, you want high
precision and high forgiveness. If you are an off ding putter, you want
high precision and lower forgiveness. Precision is always a good thing.
There is a thread about precision tests with different club and putters.