What does the bidding status categories mean?

Outbid: Another hunter has bid more than your last bid. At this time you can increase your bid. Pending: Your last bid has been placed and is currently the highest, or only bid. Accepted: Your bid has been accepted. The licensing process will begin. Declined: Another hunter has been accepted. Any other bids have been declined.

See also: When does bidding start? | How long will my bid remain Pending?