What does the VLOOKUP function do in Excel?

The VLOOKUP function in Excel is specifically designed to look for a value in the first column of a specified range (referred to as the lookup table) and then return a value from another column in the same row, based on the matching value. It operates vertically, searching down through the first column for the specified lookup value and retrieving data from a column that you define within the range.

In this context, the correct choice addresses how VLOOKUP functions by identifying the row in which the lookup value is found and subsequently retrieving the corresponding value from the specified column in that row. It’s important to understand that the lookup value must always be in the first column of the search range for VLOOKUP to work correctly.

The other choices represent concepts or functions that do not accurately describe VLOOKUP. For instance, looking for a value in the first column and returning a value from the same row outlines the correct mechanism of VLOOKUP, which is why it's the accurate answer. Additionally, the other options either misinterpret VLOOKUP's function or describe different Excel functionalities not related to VLOOKUP.