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Select direct precedents

Windows shortcut 
Ctrl[
Mac shortcut 
⌃[

When you select a formula and use this shortcut, Excel will select cells that are directly referred to in the selected formula. The idea behind the word precedent  in this case is "precede" or "before"...cells that come before.

222 Excel Shortcuts for Windows and Mac

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Tip: How to trace formula relationships
How to trace formula relationships
In this video, we look at how to quickly find formulas and trace relationships, using the concept of precedents and dependents. A great way to quickly understand an unfamiliar worksheet.