Which word signifies honor or praise often awarded for achievement?

The term that signifies honor or praise often awarded for achievement is "accolade." This word specifically refers to an expression of approval or admiration, typically presented in acknowledgment of someone's accomplishments. It is often used in formal contexts where recognition of success is celebrated, making it ideal for situations involving awards and honors.

While "tribute" also denotes a form of honor, it often emphasizes a special respect or admiration that may arise in various contexts, such as paying tribute to someone who has passed away or commemorating their contributions. "Laurels" symbolically represent victory or honor, often associated with garlands used in ancient times to crown victors; however, they are not usually used in direct contexts of formal accolades. "Acknowledgment," although it implies recognition, lacks the connotation of celebratory praise or honor that is inherent in “accolade.”