common i refer to the I/O..
It would depend on the devices (I/O module and connected devices.)
For an OUTPUT module, assume that the signal on the COM terminal is the signal that gets switched to the output terminal(s.) What signal is COMMON (connected) to both, the output module and the power supply...
When I say OUTPUT MODULE, I mean the smallest portion of the output module that has an individual (ISOLATED) COM terminal.
Some output modules have multiple COM terminals - the COM terminals
MAY OR MAY NOT be internally connected.
Assume that we have these two devices
RS4N-DE and
RS6N-DE.
They are two of Automation-Direct's offering of small, multi-relay din-rail mountable modules.
They are quite similar, but distinctively different. See discussion of
sourcing/sinking.
For the RS4N-DE, you would connect the +24V to the OUTPUT module's COM terminal,
and then the output module would switch the +24V to the RS4N-DE.
In this arrangement, you would connect the 0V to the RS4N-DE COM.
For the RS6N-DE, you would connect the 0V to the OUTPUT module's COM terminal,
and then the output module would switch the 0V to the RS4N-DE.
In this arrangement, you would connect the +24V to the RS6N-DE COM.
I do not have an example of connecting the NEU to COM in an AC circuit.