Yes, they are the same sq. in. and it depends on the size of your cuttings.
However, if you wash your fabrics, and they shrink slightly, you may not get 'enough" from 1/4 yd.
I hate buying FQ as they are usually more expensive buying that way than yardage, so I usually buy 1/2 yard and add the extra fabric not used, to build my "stash". :-))