Is 240vac equals 240volts

Not exactly ! 240 V ac is the RMS voltage of the ac sine wave the power company delivers to the consumer . RMS ? sine wave ? never mind the mathmatical definitions ; it's the dc (thats direct or steady current) equivalent of the ac delivered to the consumer . The peak value of the ac voltage on your power point is about 340 volts + and - . The foregoing figures are for european mains , scale proportionately for 110 V .