The frequency of the transmitted signal is equal to the resonant frequency of the transducer. Since the signal travels downstream faster than upstream, there is a time difference called Time of Flight (TOF) or Transit Time and it is measured using a stop watch.
For example:
Consider two transducers A and B. The time taken by a signal to travel from A to B is TOFAB and that taken from B to A, TOFBA, is measured using a stop watch. The time difference is calculated as follows:
ΔT = TOFBA − TOFAB
In a no-flow state, ΔT is 0.
The flow velocity of the medium is directly proportional to the transit time. Since we already know cross-sectional area of the pipeline, we can calculate the volumetric flow rate using the transit time and the flow velocity.