I tend to agree very whole heartedly with Al and Gerald.
But, as I do not have the education, experience, and science background that they do to word things in the same empirical vernacular lets see if we can put this into my visual comprehension limits:
So, I am working on a job with large electrodes on lap joints running 5/16 - 3/8 single pass fillet welds horizontal and flat. The bank of welders running off the generator unit is on one side of a 600' diameter separator tank for a mining operation. To accommodate the distance from the welders to the edge, down over the side (as it is several feet below ground level to the floor plates), and then allowing for some slack to move around when on the far side, the leads are about 800' long. Yeah, they are HEAVY gauge leads, none of this single '0' stuff.
Now, why would anyone even consider checking the volts and amps at the machine??
To make sure you are operating in the correct amperage range pre-qualified by the electrode manufacturer you will only be interested in the volts and amps in the immediate area of the electrode holder. And yes, you better have a real good ground connection as well as good twist connections or you will have so much resistance by the time you get to the business end of things that the whole thing will get hotter than a fully automatic in the hands of a novice shooter whose finger gets a cramp in it from squeezing so hard.
Absolutely everything will come into play to lower volts and amps between the machine and the electrode holder. It is not always as simple as calculating per the formula Al showed. There are many other factors that will have a negative effect upon your WPS compliant values. And, if they aren't high enough, especially after welding for an hour or two, you will not get the weld penetration, contour, or other positive characteristics that would be desirable and acceptable.
I tend to side with Gerald on another point, who really cares about a calibrated machine? The readout at the business end is what counts. And you will normally only get that with a volt/amp meter. Now, in some shop environments with wire feeders that are attached to the power unit and the only distance of concern is a few feet of lead to the gun, The machine readout from a machine that is calibrated should be close enough to not be worthy of mention. Well within acceptable tolerances.
But in my first scenario, the machine's reading or a volt/amp check at the machine is totally worthless.
He Is In Control, Have a Great Day, Brent