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Types of Formula

Financial     Logical     Informational     Text 
Mathematical     Statistical     Lookup     Reference  Formula Errors
IF

IF Formula returns TRUE OR FALSE based on a condition
You may also display a result or message or combination of messages and result

Syntax
IF( Condition, [value_if_true], [value_if_false] )

Condition - Logical condition the value that you want to test.
value_if_true - Returns TRUE or values based on condition or Text or combination of these
value_if_false - Returns FALSE or values based on condition or Text or combination of these
Example

IF(2<5,"2 IS LESSER","5 IS LESSER)....Output 2 IS LESSER
IF(2>5,"2 IS GREATER","5 IS GREATER)....Output 5 IS GREATER
AND

AND Formula returns TRUE OR FALSE based on a condition or value
This is mostly used in combination with IF Function

Syntax
AND(logical1,[logical2],[logical3],..)

logical1 - Logical condition that you want to validate.
Example

AND(2<5,5>3) Returns TRUE [ The value computed is AND(True,True) ]
AND(2<5,5<3) Returns FALSE [ The value computed is AND(True,False) ]
AND(2>5,5<3) Returns FALSE [ The value computed is AND(False,False) ]
OR

OR Formula returns TRUE OR FALSE based on a condition or value
This is mostly used in combination with IF Function

Syntax
OR(logical1,[logical2],[logical3],..)

logical1 - Logical condition that you want to validate.
Example

OR(2<5,5<3) Returns TRUE [ The value computed is OR(True,False) ]
OR(2>5,5<3) Returns FALSE [ The value computed is OR(False,False) ]