The only hard part is remembering which is which. This simple example demos both:

people=["Cy","Bo","Amy"]
print(people)
people.reverse()
print(people)
for person in reversed(people):
    print (person)

Reversing a string is harder. Note that reversed is an iterator, not an object. One approach:

aword = "reviled"
iterword = iter(aword)
revword=""
for i in reversed(aword):
    revword += i
print (aword, revword)