Calculation and Timing Buttons

The first four toolbar options show you the elapsed time taken to calculate the selected items.

Range Calculate calculates the selected cells left-to-right and top-to-bottom, ignoring dependencies.
Note: Using Range Calculate on formulae containing DATEVALUE with non-US date formats gives incorrect answers.

 The currently selected Cells, using Range Calculate.
If more than one Area is selected, each area is calculated left-to-right and top-to-bottom, in the sequence that the areas were selected.
If more than one Worksheet is selected then only the selected range on the active worksheet is calculated.
Conditional formats are not evaluated.

Sheet Calculate calculates the selected Sheets assuming that all precedent worksheets and linked workbooks have been correctly calculated.

The currently selected Sheet(s), using Sheet Calculate.(Shift-F9).
If more than one worksheet is selected all the selected worksheets are calculated.

Recalculation is the default Excel calculation process. Only changed cells and formulas dependent on changed cells are calculated.

All open workbooks (Recalculate). (F9)

Full calculation calculates all formulas in all open workbooks.

All open workbooks (Full Calculation). (Ctrl-Alt-F9)