Is the University of Phoenix accredited by the Association to Advance Collegiate Schools of Business (AACSB).  Here are a few schools with distance/online programs that I know are AACSB accredited.

Auburn University (MBA & MAcc), Western Kentucky University (MBA), Tennessee Tech University (MBA w/Acct concentration), Mississippi State University (MBA), Southern Illinois University (MBA & MAcc), University of Connecticut (MAcc), Morehead State University (MBA), Murray State University (MBA), Florida State University (MBA).

These are just a few schools I know have AACSB accredited distance/online MBA programs.  For the significance of AACSB accreditation, visit the AACSB website, or the websites of some accredited programs.

I received my MBA from the University of Maryland.  There's an option to visit the campus for courses (in addition to the online study) as well as the "totally online" MBA.  The graduation ceremony is also open to MBA graduates.  I looked into the University of Phoenix, but decided to go with the University of Maryland because of its reputation and overall scores.  As a heads-up, know that the courses are as challenging, if not more so, than the typical classroom setting. You'll definitely be prepared for the real work and challenged by the material.

I hope this helps in your search.