What is the difference between on delete cascade & on update cascade mysql?

 I have two tables in MySQL database- parent, child. I'm trying to add foreign key references to my child table based on the parent table. Is there any significant difference between ON UPDATE CASCADE and ON DELETE CASCADE

My Parent Table

CREATE TABLE parent (
    id INT NOT NULL,
    PRIMARY KEY (id)
) ENGINE=INNODB;
My Question is: What is the difference between the following sql queries.

ON DELETE CASCADE

CREATE TABLE child (
    id INT, 
    parent_id INT,
    INDEX par_ind (parent_id),
    FOREIGN KEY (parent_id) 
        REFERENCES parent(id)
        ON DELETE CASCADE
) ENGINE=INNODB;
ON UPDATE CASCADE
CREATE TABLE child (
    id INT, 
    parent_id INT,
    INDEX par_ind (parent_id),
    FOREIGN KEY (parent_id) 
        REFERENCES parent(id)
        ON UPDATE CASCADE
) ENGINE=INNODB;
ON UPDATE CASCADE ON DELETE CASCADE
CREATE TABLE child (
        id INT, 
        parent_id INT,
        INDEX par_ind (parent_id),
        FOREIGN KEY (parent_id) 
            REFERENCES parent(id)
            ON UPDATE CASCADE ON DELETE CASCADE
    ) ENGINE=INNODB;
Are there any errors in the queries? What do these queries (1,2 & 3) mean?? Are they the same???