Final answer:
The vestibulocochlear nerve is correctly identified as cranial nerve VIII, and it plays a crucial role in equilibrium and hearing by transmitting sensory information from the inner ear to the brain.
Step-by-step explanation:
The statement that the vestibulocochlear nerve is known as cranial nerve VIII is true. This nerve is responsible for transmitting both equilibrium and auditory sensations from the inner ear to the medulla. Issues such as balance problems, including vertigo, and hearing impairments can indicate dysfunctions related to this nerve. Within the inner ear's bony labyrinth lies the vestibule—responsible for balance, and the cochlea, which transduces sound waves into neural signals. The vestibulocochlear nerve carries the sensory inputs from these two distinct systems side-by-side to the brain, although they are separate divisions. Upon reaching the brain, they synapse in the cochlear and vestibular nuclei located in the superior medulla. Damage to associated structures can lead to deficits in one or both sensory systems.