Can affiliates promote individual products using their referral code?

Hi,

Quick question...
Can affiliates promote a individual product or only the main site using their referral code? For example...

Below is the affiliate code to track stats and sales for the main site.
http://mysite.com?ref=mikejones-14

Will the below code also work to track stats and sales?
http://mysite.com/store/fun-stuff/fun-product/?ref=mikejones-14

Thanks!