Do Buddhist monks live an ascetic life style?

Please note that my understanding of Buddhist principles may be very much influenced by popular depictions. I have read that the eight-fold path teaches that you should strike a balance between asceticism and indulgence. Common depictions of Buddhist monks often shows them living a very ascetic lifestyle. My sources for this are simply what I have seen in documentaries online. My questions are: 1. Do Buddhist monks live such an ascetic life style? If so, then why? Is this not going against the eight-fold path? 2. If the depictions I have in mind are untrue then what is Buddhist monastery life like such that it balances indulgence and asceticism?