cavalier2012
I would never ever ever ever put declining a school on a CV.
What's the point?
You wouldn't put declined but you would put "accepted to X MBA program" the "declining" is implicit. The point being is that when you pay for an MBA you get 1) The cachet of the brand, 2) The network that comes with the corresponding program. By putting "accepted to X MBA program" you'd be rubbing off on you on the cachet (point 1).
In addition, the MBA application admission is in itself the equivalent of an HR department, therefore acting in essence as a recruiting agency (a very expensive one).
Cheers,