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A DAC's output is code times the LSB size, where LSB is Vref divided by 2^n. Note that full scale is one LSB below Vref, since the maximum code is 2^n - 1 — a detail that matters when calibrating a converter against its reference.
DAC transfer
Vout = code x Vref / 2^n; LSB = Vref / 2^n
Because the code range is 0 to 2^n - 1. The top code gives Vref x (2^n - 1)/2^n, one LSB short of the reference.
Reference accuracy and drift, plus the DAC's own integral and differential non-linearity. A 12-bit DAC with a 1% reference is only about 7 bits accurate in absolute terms.