Final answer:
Sensory memory is the type of memory that accurately retains sensory information, such as sights and sounds, for about a second before it is processed or discarded.
Step-by-step explanation:
The type of memory that holds sensations accurately for about a second is known as sensory memory. Sensory memory captures brief sensory experiences like sights, sounds, and tastes for a very short duration - typically up to a couple of seconds. This transient storage is constantly being updated with new sensory information, and most of it is discarded unless deemed valuable.
When perceived as important, such information may transition into short-term memory, where it is retained for a slightly longer period, spanning 15 to 30 seconds before it is either stored to long-term memory or forgotten. Sensory memory serves as the initial step in the process of memory storage, acting as a temporary buffer for stimuli before they are consciously processed.