The colon does absorb some vitamins, mainly vitamin K. But the major and main function of the colon is water absorption. For the purposes of the MCAT, I think you want to think water reabsorption.
and uh, random dialogue with colon in it:
*Dr.Cox looking at an x-ray of a lightbulb inside some dude's ***
Dr.Cox: Well, either the patient has a light-bulb stuck up his ass, or his colon's got a good idea.