Yes, that's correct. "1 Ton of refrigeration" is a unit used to measure the cooling capacity of an air conditioning system. It represents the amount of heat energy in British Thermal Units (Btu) that the air conditioner can remove from a space in one hour.
Specifically, 1 Ton of refrigeration is equal to the heat energy required to melt one ton (2,000 pounds) of ice at 32 degrees Fahrenheit (0 degrees Celsius) into water at the same temperature in 24 hours. In terms of Btu, this amounts to approximately 12,000 Btu per hour.
So, when you hear the term "1 Ton of refrigeration," it means the air conditioner has a cooling capacity equivalent to removing 12,000 Btu of heat from the room every hour. The higher the Ton rating of an air conditioner, the more cooling capacity it has. For example, a 2-ton AC can remove 24,000 Btu of heat per hour, a 3-ton AC can remove 36,000 Btu per hour, and so on.