An indent pushes text in a slight amount from its normal position. It is more common in word processing where the first line is pushed in slightly in a paragraph, or sometimes a whole paragraph in the middle of a document. In Excel it can be used to push in text further into the cell, rather than starting at the edge.
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Indenting is pushing text in slightly from the left of the cell. It is a more commonly used feature in word processing with paragraphs. It can be done with data in cells in Excel too.