If I understand you correctly..
If you have a 90 degree tool and Z0 is top of part, you need to have a Z value of -.1875 for a .375 diameter spot.
If you want a .005 chamfer, you would need to figure for a .385 diameter (.005+.005+.375) which would be Z-.1925.
C'sink chart on CNCBasics.com
So yes, it would be the same as a countersink.
Mike in MN