Recording quantity on gauge (4,7)
I believe the answer is:
tape measure
'gauge' is the definition.
(thesaurus)
'recording quantity' is the wordplay.
'recording' becomes 'tape' (tape recording is a kind of recording).
'quantity' becomes 'measure' (synonyms).
'tape'+'measure'='TAPE MEASURE'
'on' acts as a link.
(Other definitions for tape measure that I've seen before include "Flexible strip showing lengths" , "Tailors may use one" , "Measuring strip" , "band covering the distance?" , "one might have a few feet on it" .)