How does Visible & Edit Access differ? OR they both mean the same? What is the significance of having Visible if we can achieve Edit access from Profile Field Level Permissions
Visible/Read Access means the user can view the field and the contents of that field on records. Edit Access means the user can edit the value of the field, while Read Only means the user cannot edit the value of the field. I'm not quite sure why there are two inverse-looking flags, but basically if Edit Access is checked on a profile, then Read Only will not be checked. Note that Edit/Read Only cannot be set if Visible/Read Access is not checked.