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Default finding a specific value on a master file

Hi there,
Perhaps someone can help me with this.
I have 2 sheets in the same workbook. The first sheet called "Masterfile"
and it has all the security ids ( something like SXSF1001002) in column A.The
second sheet called "List" and it has some securities id also in column A. Is
there a way for me to check each elements in the "List" sheet against the
"Master" sheet? If there is something then say "yes" in column B of the
"List" and if not, then say "no".
 
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