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There are a lot of possible categories here but I'll assume you're talking about measurment. If you measure something (like length) with a reliable measuring device then, assuming no measurement error, your measurement will generally have two parts. The accurate part is the amount you can measure exactly with your device and the approximate part is the ammount you have to estimate when the measurement is not exactly equal to a scale division on your measuring device. So if you measure something with a ruler marked off in centimeters and the length falls between 2 and 3 cm, you have to estimate where between 2 & 3 it lies. If you decide its 2.8 cm then the 2 is considered accurate but the 8 is an approximation. If you combine (multiplication, division, addition etc) two measurements, your answer can be no more accurate then the least accurate measurement For example; multipling 2.8 times 3.4 , where the 8 and 4 are approximate, gives 9.52. This is implies more accuracy then you really have and should be rounded off to 9.5.

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Q: What is the difference between Number accuracy and approximation?
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