Suppose your meter is reading 10.00 volts (or amps) and has a specified uncertainty of 1% + 5 counts (or LSD--same thing as counts). This means that for the 10.00 indication, the real value might be as low as 9.85 or as much as 10.15. That's 0.1 volts for the percentage and 0.05 for the counts. What you don't often see is the confidence interval that goes with that specified uncertainty. 95% is common, so for a 95% confidence interval in this case, that means that there is a 95% probability that the real value is between 9.85 and 10.15.
B/t/w, don't make the mistake of comparing meters from different manufacturers solely on the their specified uncertainties, especially when the numbers are close. These numbers come from the manufacturer, not any independent testing service.