Use VLOOKUP, IF and ISNA to find whether cell value appears in comparison data set.

Example: Search for A1 value in Sheet2 Column A and if found return Found. If not found, return Not Found

=IF(ISNA(VLOOKUP(A1,Sheet2!A:A,1,FALSE)),"Not found","Found")

Sheet1

A B < B function >
1 Ford Found =IF(ISNA(VLOOKUP(A1,Sheet2!A:A,1,FALSE)),”Not found”,”Found”)
2 Lotus Found =IF(ISNA(VLOOKUP(A2,Sheet2!A:A,1,FALSE)),”Not found”,”Found”)
3 BMW Found =IF(ISNA(VLOOKUP(A3,Sheet2!A:A,1,FALSE)),”Not found”,”Found”)
4 Audi Not Found =IF(ISNA(VLOOKUP(A4,Sheet2!A:A,1,FALSE)),”Not found”,”Found”)
5 Mini Found =IF(ISNA(VLOOKUP(A5,Sheet2!A:A,1,FALSE)),”Not found”,”Found”)

Sheet2

A B C D E F G
1 Ford US Escort Red
2 Lotus UK Elise Silver
3 BMW Germany 330 Blue
4 VW Germany Golf Black
5 Ford US Mondeo Silver
6 Mini Cooper

Also see