A)
select decode(count(*), 0, 'N', 'Y') rec_exists
from (select 'X'
from dual
where exists (select 'X'
from sales
where sales_type = 'Accessories'));
B)
select decode(count(*), 0, 'N', 'Y') rec_exists
from (select 'X'
from sales
where sales_type = 'Accessories');
C) Something else (specify)
EDIT: It was hard to pick the "correct" answer, as the best approach depends on what you want to do after checking if the value exists, as pointed out by APC. I ended up picking the answer by RedFilter, since I had originally envisioned this check as a function by itself.