I've always thought of precision as group size, and accuracy as where the group is on the target. I want 1 MOA or less in a varmint rifle that's likely to be fired from a pretty solid rest. For deer-type calibers likely to be fired from a tree rest, 1-2 MOA is fine with me, considering I've never shot a deer at over 125 yards. MOA, to me, must be consistent out to the practical limits of the cartridge. For example, my Savage 112 in .223 Rem will give me .5-.75 groups all day at 100 yds, and 1.0-1.5 groups at 200 yards. That's 1/2 - 3/4 MOA, and that's fine with me. If I could fire at 300 yards, I'd want 1.5 - 2.25" at that range. I don't expect the .223 to hold up all that well at 400 yards, but would shoot for 2 - 3 " groups if I could find a 400 yd range. If this rifle went from .5" groups at 100 yards to 2" groups at 200 yards, it wouldn't be 1/2 MOA to me. What's more important to me is "true" accuracy. The group must be windage-centered at all practical ranges to make me happy, and not change as the range increases. My Savage groups right on for windage at all ranges. When these 3 standards have been met, I look at the coldshot accuracy. Simply put, some firearms put the first round in a slightly different place than others. A rifle that changes only minimally is best. My Savage shoots 1/2" low at 25 yards on the first round through a cold, clean barrel if I forget to run a tight, dry patch through it. A cold, clean, DRY barrel does not change noticeably at 25, 50 or 100 yards. I'm still testing at 200 yards, but it looks like the change is very small. After that, consistency in all climates. A rifle that shoots well in 20 degree weather should also shoot well in 90 degree weather. In order of importance to me, the 5 categories are:
Trueness at all practical ranges
Accuracy on the target
Precision (1 MOA or less)
Coldshot consistency
Climate consistency
Took a trigger job, 3 years, and 500 rounds with 4 powders and 2 different die sets to find what the Savage liked, but that's part of the fun.