Recently I submitted my first article. In status it shows that pending admin review- approved'. what do they mean by that? Is my article approved or not?
There are two stages before your article is finally published.
The first stage is Editor's approval who verifies your formatting, relevance of the title and the content. This stage you have passed.
Administrator after the first stage, allots the Cash credits. This stage is pending in your case. I think I made the point clear to you.