All depends upon what you are working with. On acrylic, usually start wet sanding and polishing with micromesh. There have been times need 320 grit sand paper, to remove tool marks and scratches before going to micromesh. Have never used micromesh on bare wood but do use it after finish is applied.
Sand paper grit depends upon whether wood is open or close grain and if dealing with an oily wood. Also what finish going to apply. You can sand wood too smooth and finish has nothing to cling too! Some finishing materials require nothing more than 180, 280, or 320 grit sandpaper. Finish and sanding sealer may require 320 or 400 grit between coats. Finishing the finish may require 600+ grit or 0000 steel wool.