No, it does not mean it has been approved. Accepted means the IRS has received the return. It usually takes only a few days to be approved, but can take up to three weeks.
Watch for email updates from TurboTax. If the return is rejected, TurboTax will help. Open your return and follow the prompts to fix it.
For more details, see:
Why does Where's My Refund say "approved" but TurboTax still says "accepted"?
How do I fix a rejected return?
