Depends on which person you talk to. Apparently the two terms started meaning different things due to benchresters, and some other shooters, in the 1950s. Or at least I never found a reference that "precision" means small groups, while "accuracy" is hitting what you're aiming at in my extensive library before a 1952 book edited by Townsend Whelen.
According to dictionaries (including the O.E.D. and modern versions of Webster's) the two terms basically mean the same thing: Precision is listed as a synonym for accuracy, and accuracy as a synonym for precision. This is probably another example of "common usage," rather than the jargon some people use for special applications.
“Montana seems to me to be what a small boy would think Texas is like from hearing Texans.” John Steinbeck
