A classifier that predicts the majority class on an imbalanced dataset can report 97 percent accuracy while being entirely useless. This is not an edge case. It is the default state of most business datasets, where the event you care about, fraud, churn, machine failure, is rare by definition.
The problem with a single number
Accuracy answers one question: what fraction of predictions were correct. When ninety seven percent of your transactions are legitimate, predicting 'legitimate' every time scores ninety seven percent and catches no fraud at all. The metric is not lying. It is answering a question nobody should have asked.
What to ask instead
For a rare event, precision and recall carry the information. Precision asks: of the cases we flagged, how many were real. Recall asks: of the real cases, how many did we catch. These trade against each other, and the correct balance is a business decision, not a technical one. A fraud team with capacity to investigate fifty cases a day needs high precision. A cancer screening programme needs recall, because the cost of a miss is not symmetric with the cost of a false alarm.
The interval nobody prints
A metric computed on a test set of two hundred examples has an uncertainty of several percentage points. Reporting 94.2 percent implies a precision the data cannot support. We report intervals because the alternative is to convey false confidence, and a decision made on false confidence is worse than one made on acknowledged ignorance.