I've found mine to be close to actual, plus or minus a half mpg. More off during in-town than steady driving because of the constant changes in the accelerator pedal and such.
Different-than-factory injectors, or an add-on box will affect the calculation. The engine computer knows how long it told the injection pump to squirt fuel, which is how it tells the trip computer how much fuel is being used. If another device is doing something different, more fuel is going in than the trip computer is aware of. If the length of squirt through another injector means more fuel, again, the actual fuel being used isn't seen by the trip computer. Both show better trip computer mileage than what the vehicle gets.
Also, non-factory tire size will affect the distance the trip computer thinks has been traveled. That could be it too.
Just a few thoughts...