I will depend on the wear of the lead screws to some extent. but in general dials on most machines are fairly accurate. Caution some machines have metric screws and Imperial dials so something is lost in the translation.
That said the exact amount of material taken on any cut can be a bit unpredictable. This will vary some depending on the machine , the setup, speeds & feeds, the condition of the cutter, the material being cut. depth of cut etc. So generally dial in about half of what you expect to remove. measure and dial in again. This method is known as sneaking up on the dimension. And taking a spring pass or free pass will shave off that last couple thousands. (A spring or free pas is a cut taken without advancing the dial.) Also lock down the axis that are not being advanced to prevent unwanted movement.
You can always test your dials with a dial indicator.
Also I notice this is your first post to the board. I bid you a fair welcome. PLEASE when you have a minute post an introduction in the welcome section. Tell us ab it about yourself, your shop, your interests aspirations in model engine building and last but not least your location. Knowing a little about you , helps us help you.
Tin