Does 31 necessarily imply the end of the month in a cron job?

For cron job we know we can set time as below.

# +------------ Minute (0 - 59)
# | +---------- Hour (0 - 23)

# | | +-------- Day of the Month (1 - 31)
# | | | +------ Month (1 - 12)
# | | | | +---- Day of the Week (0 - 7) (Sunday is 0 or 7)
# | | | | |
# * * * * * command

What I want to know is that when we set day of the month 31, does this means the end of each month though the month does not have day 31. Hope to get answer.

Thanks in advance