Is it possible that $(f\circ g)(x)=x$ and $(g\circ f)(x)\ne x$
In other words, To show $f$ and $g$ are inverse, is it enough to show $(f\text{ o }g)(x)=x$?
I have never witnessed a case in which the other composition is not $x$, if one of them equals $x$.
EDIT : So this is not always true, but what are the conditions under which this is true. I think this is more interesting !
Yes, take $g:\mathbb{N}\rightarrow \mathbb{N}$ be defined by $g(n)=n+1$ and $f:\mathbb{N}\rightarrow \mathbb{N}$ be defined by $$f(n) = \begin{cases} 0 & n=0 \\ n-1 & n>0 \end{cases}$$ Then $f\circ g=\mathrm{id}_\mathbb{N}$ but $g\circ f\neq \mathrm{id}_\mathbb{N}$ because $g(f(0))=1$.
In general, if $f:A\rightarrow B$ is injective but not surjective, there exist a left inverse, i.e. a function $g:B\rightarrow A$ such that $g\circ f=\mathrm{id}_A$, but $g$ will not be an inverse because $f$ is not surjective. Likewise, if $f:A\rightarrow B$ is surjective but not injective, there exists a right inverse, i.e. a function $g: B\rightarrow A$ such that $f\circ g=\mathrm{id}_B$, but again, $g$ will not be an inverse because $f$ is not injective. (Note that I am using the fact that $f$ has an inverse if and only if $f$ is bijective.)
Adding the hypothesis of continuity doesn't change any of this: consider $x\mapsto e^x$, which is injective but not surjective (on $\mathbb{R}$, since $e^x$ is always positive). Its left-inverse is given by $x\mapsto \ln |x|$ for $x\neq 0$ (and defined to be whatever you want at $x=0$).