If a HVAC technician tells you he needs to test your refrigerant or compressor oil he will mostly be referring to a test and using a similar kit and methods as shown in the video below.
This is valuable information about the health of your air conditioning system. If you had a compressor failure, and got a test result that showed a high acid reading it would indicate a burn out. A high acid or moisture reading in the refrigerant would mean a clean up would need to be performed on the remaining system componenents before installing the new compressor or condensing unit.