Final answer:
The vestibulocochlear nerve, or cranial nerve VIII, is indeed responsible for auditory information, conveying both balance and hearing signals to the brain where they are further processed.
Step-by-step explanation:
The vestibulocochlear nerve (cranial nerve VIII) is indeed responsible for auditory sensations, as it carries both equilibrium and auditory information from the inner ear to the brain. This nerve consists of two components: the vestibular part, which deals with balance and equilibrium, and the cochlear part, which is involved in the transduction of sound waves into neural signals. These signals are then sent to the cochlear nuclei within the superior medulla of the brain, where they can be processed further to interpret sound including its location and pitch.