Yes, acetone will do the job providing the job is to remove the finish down to the wood.
That is how I start when I am refinishing a gunstock that has a finish on it that I don't like. It can also remove the stain if you use enough. When I re-finish a stock, I quite often want to get the stock back to the original wood so I use acetone liberally with steel wool to remove the finish and as much of the stain as I can. Then I put on the stain that I want. If, as I often do on plain wood, I want to add some hand striping to give the wood some figure, I do that next followed by one of the gunstock finishes such as Linspeed or Tru-Oil.
Acetone is great but it is aggressive in removing finishes. If you just want to remove old dirt and crud but keep the finish, I would recommend using Murphy's Oil Soap.
One important caveat, acetone is highly flammable so be very careful when using it. No smoking, no open flames and no sparks. Also, it is highly recommended that you use it out doors so that you do not breathe too much of the vapors. They ain't good for you. :thumbsup: