Machining accuracy refers to the similarity of measurements after multiple attempts or between multiple copies of a part.
In other words, a machine is highly accurate if it hits exactly the same point on multiple copies of a part.
This is different from accuracy because accuracy is not specifically concerned with whether the "points" are the same as those specified in the design! A machine can be so precise that it always cuts 3 mm to the left of the intended mark.
Obviously, it is important to be both accurate and precise.
Accuracy means that you are reaching the coordinates specified in the design, while precision means that you are hitting them consistently over multiple units.