Since you save the Approved and Rejected value, you need to worry about the order (which has priority if both are True?). You should definitely put this in a view, so you won't have to repeat this logic later.
Following NTFS permissions, I always prefer Deny to take precedence:
CASE --Denied has precedence WHEN Denied = 1 THEN 'Denied' WHEN Approved = 1 THEN 'Approved' ELSE 'Pending' END as Status
Unless you have other requirements that exclude it, I prefer Baldi's suggestion of a null int or check of a tinyint limited column.
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