It uses hardware accelerated video encoding to achieve best quality screen recording on any device.
There may be so many applications around the globe but this one is really one piece.
As per the developer:
It's the only video recorder in the market supporting Tegra devices including Nexus 7.
[SCR Screen Recorder]
Here is the download link for the free version of this application on Google Play Store.
SCR screen recorder FREE
NOTE:
This application is only for ROOTED devices.
If you have not yet ROOTED your device then definitely this will not work for you.
Download the application and install it to get started.
When you will open this application it will bring you a small widget like stuff in the middle of your screen.
You can hold it and move it to any place on your screen though.
See the below image to get a glance:
[SCR in the middle of the screen]
The first option is to start recording.
Second is for SCR application settings.
Third one is to exit SCR application.
So to get started just press the first soft button and see how it records your movements on your Android device.
To stop the recording you can lock your screen for at least two seconds or you can open the application itself and press the exit soft button.
I hope that's all I wanted to show you.
If you have some concerns regarding this application then you can have a look on the application thread on xda forum.
SCR thread on XDA forum
Cheers. Have fun and stay tuned to get more updates and more such guides.