Difference between Web.config and Machine.config

What is the Difference between Web.config and Machine.config?

Scope:
Web.config => For particular application in IIS.
Machine.config = > For All the applications in IIS

Created:
Web.config => Created when you create an application
Machine.config => Create when you install Visual Studio

Known as:
Web.config => is known as Application Level configuration file
Machine.config => is known as Machine level configuration file

Location:
Web.config => In your application Directory
Machine.config => …\Microsoft.NET\Framework\(Version)\ CONFIG