The CASE statement is the closest to IF in SQL and is supported on all versions of SQL Server.
SELECT CAST(
CASE
WHEN Accept = 'Y' or Reject = 'N'
THEN 1
ELSE 0
END AS bit) as Approved, *
FROM Sales
You only need to use the CAST operator if you want the result as a Boolean value. If you are happy with an int, this works:
SELECT CASE
WHEN Accept = 'Y' or Reject = 'N'
THEN 1
ELSE 0
END as Approved, *
FROM Sales
CASE statements can be embedded in other CASE statements and even included in aggregates.
SQL Server Denali (SQL Server 2012) adds the IIF statement which is also available in access (pointed out by Martin Smith):
SELECT IIF(Accept = 'Y' or Reject = 'N', 1, 0) as Approved, * FROM Sales