To create a formula, you can use:

A. Values but not cell references
B. Values and cell references
C. Values or cell references although not both at the same time 
D. Values and references

🧠 Explanation:

In MS Excel, formulas can use values or cell references, but not both simultaneously, ensuring accurate calculations. For students or data analysts, this highlights Excel’s functionality, making it a key topic for studying spreadsheet logic, data processing, and formula creation.