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I you just want to check if items mentioned in a list are also availble in second list or not then the best method is to use "match" or "vlookup" formula.
I would recommend match formula because for this purpose it can be used in place of both vlookup and hlookup, and it also returns the position of that item it the other list.
Well there are numerous ways to answer this question.
You can use Vlookup to get the relevant data.
If the formating, sequence and spelling in both the lists are same then simply then use =a1=b1
it gives true if the both the cells contain same data if not it returns false.