Originally Posted by Judge_Posner

yes - you answered your question correctly.

with a flip-flop hub, one side is threaded for a freewheel, and one side is threaded for a cog/lockring. it should be easy to tell which side is which, since the cog/lockring side will have two slightly different size threads. what might not be so obvious is that the smaller threads are also reverse-threaded, so the lockring threads on left-to-tighten instead of right-to-tighten.