It's possible to look up precision in a thesaurus and find accuracy as its synonym; however, there are shades of meaning between the two. Professionals, such as surveyors, seek to preserve this distinction. It's quite possible to have very precise measurements that are wildly inaccurate. Let's say you are measuring with a total station to the nearest 5" horizontally and 0.01' for distance. These are fairly precise levels of measurement, but if you are using the wrong initial azimuth then your results will be totally inaccurate.

Accuracy relates to the exactness of the result, the closeness of the observations to the true value. Precision relates to the operation used to derive the result, such as using a tape measure graduated in meters versus millimeters.

For a location near sea level a setting of 29.9" for pressure and a daily adjustment for the temperature should suffice for accuracy. If you have doubts, try changing the settings to see how much your average distances are affected or be more scrupulous in your routine to reset the PPM at every reasonable chance based on reported or observed readings. For shots greater than a thousand feet you should always use the PPM correction supplied by the instrument manufacturer.