Precision varies with brand... the peashooter type are usually marked off every 1 LPM but not always, a Binzel BP191.0003 for example looks like
Similar deal with reg mounted flowmeters, the Harris one i use for purging is calibrated in 1LPM increments, the Elga optimator in 2lpm increments. The Elga also offers less resolution as the 2lpm increments are about the same distance apart as the 1lpm markings on the Harris. The Elga could still be more accurate though...
As said without calibration accuracy is anyones guess and they're a bit like rulers in that regard... there's nothing to adjust, it's down to who made it. As said measuring the flow at the torch head is what makes them more 'accurate'... the worlds most accurate thorpe tube flowmeter that was calibrated immediately before use (by the universes most accurate) is gonna be less accurate than the cheapest of cheapnese thorpe tube peashooters if there's a leak or restriction somewhere between the regulator and torch

Similar deal with reg mounted flowmeters, the Harris one i use for purging is calibrated in 1LPM increments, the Elga optimator in 2lpm increments. The Elga also offers less resolution as the 2lpm increments are about the same distance apart as the 1lpm markings on the Harris. The Elga could still be more accurate though...
As said without calibration accuracy is anyones guess and they're a bit like rulers in that regard... there's nothing to adjust, it's down to who made it. As said measuring the flow at the torch head is what makes them more 'accurate'... the worlds most accurate thorpe tube flowmeter that was calibrated immediately before use (by the universes most accurate) is gonna be less accurate than the cheapest of cheapnese thorpe tube peashooters if there's a leak or restriction somewhere between the regulator and torch