What do you mean by accurate??? What are you looking for???
In our shop, we have to work to tolerances of 0.0001" or better. Thus 1/32" is over 300 times too much tolerance. If you're doing wood working for framing construction, this is plenty close enough.
You can probably figure within 1/32" as mentioned in your post PLUS whatever other errors creep up in your tolerance stacks ( IE: slop due to clearance, backlash and/or any lead error in your drive system(s) etc). Basically, it all adds up....
Until, or unless you machine and or tram everything into place and use precise ball screw drives, you probably can't expect much better.