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Genrally speaking accredited means anything that has been officially recognised as meeting certain standards of quality.
I believe that in the US you can get accredited and non-accredited degrees. There are various bodies set up across the US that review all of the Universities and Colleges and only those that meet certain standards will be able to issue accredited degrees.
As metagirl and Hermia point out non-accredited degrees are worth substancilly less in both the work place and in an academic sense. Non-accredited degrees cannot be used as addmission criteria for entry to higher or specialised education.
In the UK only Universities are allowed to issue degrees in thier own right. You can however gain a degree from an accredited University College which is the same as getting your degree from the University.