"24bit" is usually used to specify a specific attribute. It is mostly used with images and audio files.
24bit
term is widely used in DSP (Digital Signal Processing).
With images, it can indicate the color depth: the number of bits used to indicate the color of a single pixel. 24-bit color is also known as "True color". In such images each pixel is represented with 3 bytes, and can store one of 16,777,216 colors.
With sound, it can indicate the audio bit depth, which represents the resolution of each audio sample. 24bits is as much as is used in DVD-Audio.
More information can be found on the "Color depth" and "Audio bit depth" articles on Wikipedia