How accurate are FDA food labels?
One of the methods used for measuring energy content of food is just burning it and seeing how much heat this produces (which is pretty much what your body does, albeit at a slightly higher temperature). Not sure if this method is used outside of chemistry classes anymore, but the accuracy you can get is pretty high, with the right equipment.
Google is your friend. This site directly addresses the question of how nutrients are measured for labeling. I found a variety of references to this article, which investigates a few particular discrepancies. The department of Human and Health Services thinks the manufacturers get it right about 90% of the time (as of 1996). Here’s a plethora of information regarding the food labeling program from the FDA. The term you’re looking for in regards to how much of a particular nutrient your body can absorb is bioavailability. Here’s an article addressing the issue of the
Bulk up or slim down, my personal recommendation is that you consume as few foods as you possibly can that come in containers with labels. That stuff’ll kill you. The change in my overall health (and body composition) has been astonishing since I moved back to Korea (where I’d lived for the previous few years) from Australia a few years ago – I eat almost nothing that could be described as processed food, that comes in cans or boxes. Add some exercise three times a week, as I’ve done recently, and I’m looking and feeling better than I have since my teens. And that was a long time ago.