I have not ran any tests for AC . The things I work with don't care about very much about being accurate to more than around 5 %. Usually it is more of do I have a voltage/current or not.
When I work on most anything other than low voltage (below 100 volts) I ues either my Simpson 260 analog meter or a Fluke meter that is rated for cat 3 and 4. If you have not heard of the Cat numbers, they are for devices used in different power circuits. I don't know the numbers off hand, but it goes something like this, Cat 1 is for low voltage items, Cat 2 for things like stoves and refrigerators, Cat 3 for homw wiring,and Cat 4 for the very high power circuits like I often worked on like the 480 volt AC and 300 amps.
For a real scare you should see some of the safety movies that Fluke put out. They show under test conditions what can hapen to inexpensive meters and their meters under different conditions like having the meter set for amps and putting across a 480 volt circuit that has plenty of amps .