An abbreviation for the word Quality. In the context of status. Quals is an adjective, used when the item being described surpasses the quality of everything else, by far, leaving only one word left - Quals.
Only to be used by the super-cool and often used more frequently when drunk and rowdy.
"This Spaghetti is quals."
-"Did you hear Andy got sucky sucky last night?"
-"No, really? Quals"
-"How was she, Andy?"