rsync - What does the IP "192.168.1.1/24" indicate?

I'm
setting up rsync and I see this in the config
file:

hosts allow = 127.0.0.1
            192.168.1.1/24

Does
this indicate that all hosts on the local (192.168.1.*) can use rsync? It's been awhile
since my networking class; I just want to understand...