The registry has the exact list.
When I run Kerry's routine the registry is cleared but the MRU in the file pull down remains un affected.
Shutting ACAD down & re start the registry list is restored with the list.
The MRU list in the registry is read when AutoCAD opens only. Once the menu is populated the registry isn't used again until AutoCAD closes, at which point, the MRU list is updated in the registry. This would mean that AutoCAD maintains the MRU list in the registry while it isn't running, but in the application while it is, only updating upon closing.
If you open multiple instances of AutoCAD and open different drawings in each, the MRU in each instance will be slightly different. Then as you close AutoCAD instances, the registry MRU is updated. The MRU in the last instance of AutoCAD to close will be the MRU that is displayed when AutoCAD is started again.
Some earlier versions of AutoCAD allowed multiple instances, I don't know if you can make the later ones open separate application windows.