Life cycle of a BUG:
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As defects move through the system they are given various states. At each state there are a number of possible transitions to other states
The following figure is the life cycle of a bug

 NEW Recently added
to ASSIGNED by acceptance
to RESOLVED by analysis and maybe fixing
to NEW by reassignment
ASSIGNED The owner, i.e. the person referenced by Assigned-To has accepted this bug as something they need to work on
to NEW by reassignment
to RESOLVED by analysis and maybe fixing

 REOPENED Was once resolved but has been reopened
to NEW by reassignment
to ASSIGNED by acceptance
to RESOLVED by analysis and maybe fixing
RESOLVED Has been resolved (e.g. fixed, deemed unfixable, etc. See "resolution" column)
to REOPENED by reopening
to VERIFIED by verification
to CLOSED by closing
VERIFIED The resolution has been approved by QA
to CLOSED when the product ships
to REOPENED by reopening
CLOSED Over and done with
to REOPENED by reopening