The device can apparently measure and give you a value for your acceleration.
Then using simple equations of motion the device can work all sorts of things out.
Take 0-60 for example, by using the equiation v = u + at you csn easily find out how long it takes you to get to 60.
v = 60mph (your final velocity, needs to be in metres per sec tho)
u = 0 (your initial velocity)
a = whatever the device says
t = time taken in seconds
rearrange the equation and bobs your mothers brother.
And to find qtr mile time you just use a diff equation.
I bought one ages ago and it's only been used a few times, but it seems to be pretty close to actual times. Tested it in my folks old wrx a few times and got consistant 5.5 secs out of it. It's never going ot be amazingly accurate, but can be good in seeing if mods have made any difference if you use it on the same stretch of road etc.