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Default In a formula or function, what do the symbols "" mean.

=IF(E78=0,"",IF(E78="","",(IF(H77="",(F77+1),(H77+ 1)))))
=IF(E77=0,"",IF(E77=1,"",((E77+F77)-1)))
In the formulas, what does "" mean?
The first formula is in column F and the second is in column H. I trying to
debug a spreadsheet written by someone who is no longer with the company and
this formula only seems to partially work.
If I enter a number larger than 0 in E78, then the value in F78 becomes the
sum of E78 and F77, and H78 becomes the sum of E78 and H77.
If I enter a 0 in E78, then nothing appears in F78 or H78, but later rows
indicate a
#VALUE! error.
The values are correct as long as 0 is not used, but I do not understand why
the formula was written as it is.
 
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