Concept:
Jacobson's organ, also known as the vomeronasal organ, is a specialized chemoreceptor organ present in many reptiles.
It helps animals detect chemical substances present in the environment.
Step 1: Location of Jacobson's organ.
The organ is situated in the roof of the buccal cavity and is connected to the nasal region.
It receives chemical particles collected from the surroundings.
Step 2: Function in reptiles.
Snakes and many lizards repeatedly flick their tongues.
The forked tongue collects chemical particles and transfers them to Jacobson's organ.
The organ analyzes these chemicals and helps the animal locate:
• Food
• Predators
• Mates
• Trails of prey
Step 3: Why other options are incorrect?
It does not participate in hearing, balancing or water storage.
Its primary role is chemoreception and smell perception.
Step 4: Final conclusion.
Jacobson's organ functions as:
\[
\boxed{\text{Olfactory Organ}}
\]
Hence option (A) is correct.