Ethics on rescinding acceptance after submitting deposit?

Hey all, first time poster, but have lurked around and this site was majorly helpful for beating the GMAT. I'll be sure to post my experience later.

I have a quick question that I couldn't find the answer to from googling or searching on the forums. Is it ok to rescind or withdrawl an acceptance to a school after submitting a tuition deposit?

Basically I am just starting the application process, and I have a lot of other stuff going on that I can't just drop to work on applications for the next 2 months straight. My thought is that I have time to apply to 1 school for round 1, and then apply to others for round 2. I really want to get at least 1 application done for round 1 so that I can have the experience under my belt before writing other applications. I'm thinking my strategy will be to apply to one of my top choices but not my current #1 choice. If I don't get in, then I can try and tweak things in time for the round 2 deadlines, and if I do get in then I can skip the other applications except for my top choice school. I guess I just really want to have my application to my top choice school be as polished and have as good of a chance as possible (otherwise I would just apply round 1).

If I get in round 1 then I'm also faced with the $2k tuition deposit before round 2 decisions get back, so my question is, if I'm willing to eat the $2k deposit, is it ok to rescind the acceptance and go with my top choice if I get in there? Are there any horror stories of people employing this strategy and having it come back to haunt them if their top choice finds out?