The word "exact" has a rather special meaning in Mathematics. There is a subtle difference between being able to calculate some quantity to more than sufficient precision and being able to calculate that quantity exactly.
Ah yes. There are several different uses of the term "exact" in math and physics, and its meaning varies considerably depending on context.
I think you are referring to a branch of mathematics called the "theory of real closed fields." I don't remember the details very well, but in this context,"exact" means something roughly like this (please don't quote me. I'm going to get this super wrong in many ways. My apologies to mathematicians!):
A number is exact if and only if a "nice" class of predicates are decidable (can be answered in finite time by a decision procedure, such as a Turing Machine).
A function is exact if and only if, f(x) is exact when x is an exact number.
I heard about this so long ago, I'm absolutely sure I got this description wrong. In lay terms, exact means, you can always answer "reasonable" yes/no questions about some quantity, and it always takes you a finite amount of time to answer. This can be made mathematically precise, but I forget how it is done. I consider it to be part of very advanced math (graduate level), and I don't think it is appropriate to go into it here? Probably only a handful of people I have met are actually proficient in this area (Two or three professors? Maybe two graduate students?). I might be wrong, but if I remember correctly, functions like sqrt(x) are exact in this sense. However, cos(x) is not exact. And there are very complicated reasons why sqrt(x) and cos(x) are so different in terms of exactness. If I haven't got this totally wrong, then some limits are exact, and other limits are not exact. Hope I got this right... But probably I got it wrong. Oh well.
I have a background in physics, so when I say "exact", I usually mean it the way a physicist would. In this case, it is used (abused?) somewhat informally to mean a number or function that has no approximations.
There are probably a dozen other meanings for "exact" in math, physics, and engineering.