Our system maintains and controls the Approval Pending, Approval Denied, Approved, Cancelled, and Paid statuses. In the TopSale > Orders > Status Manager you are able to set any alias you wish for those system controlled statuses.
On a Netsuite enabled store, the list of status's in our system that you have access to after our system finishes its process come from Netsuite and are synced with the "SO ORDER STATUS" field on the Netsuite Sales Order. You can edit it in either system and the status in both systems will stay synced.