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It means that the value of the potential difference supplied between the terminals varies from 240V to 0v and then polarity reverses and voltage again rises upto 240V with time.Then again it falls to 0 and polarity changes back and it rises to 240V. This is one cycle and in India we have a frequency of 50Hz, i.e. it happens 50 times in 1 second

The voltage at any time can be calculated by V=240 sin(wT)

i.e. the voltage at any point is a sine or cosine function of time. w is the angular frequency

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Q: What does electricity supplied 240v ac mean?
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