DNS records are the directory of the internet, they point to where your domain exists and help you validate services allowing users to trust your communications and browse the internet using user-friendly URLs instead of numerical IP addresses.
A record
The record that holds the IP address of a domain.
AAAA record
The record that contains the IPv6 address for a domain (as opposed to A records, which list the IPv4 address).
CNAME record
Forwards one domain or subdomain to another domain, does NOT provide an IP address.
MX record
Directs mail to an email server.
This is not the only record required for mail, please see the email deliverability section in your cPanel account for details.
TXT record
Lets an admin store text notes in the record.
These records are often used for email security, validating your domain for services that use your email eg. mailchimp, constant contact etc
SRV record
Specifies a port for specific services.
Can be used for things like VoIP systems
PTR record
Provides a domain name in reverse-lookups.
Along with SPF and DKIM records are used for email delivery validation.