Unix4hire, you should spend a few minutes on this site -
http://homearcade.org/BBBB/Look under "I wanna build a game" and get a feel for the hookups.
Also spend some time with your multimeter manual.
AC comes into your machine via the power cord and then should go to a little silver box that says RF filter. There's a fuse there. Check it with the ohm meter and make sure it is connected. Then it splits. One set of AC wires goes to the isolation transformer and the other set goes to your power supply. That's all AC.
Look the PS. It has "AC" in two places on it. That's it's power cord. All the other stuff on there is marked. To see if you have power, set your meter to DC. Put the black probe on the GND (not FG) and the other probe on the 5V. Your meter should read around 5v give or take 0.1 v. If you don't have that, then set it to AC and put the probes on the AC. One on the bottom one, one on the one above it that says AC. It should be 115v give or take. If you don't have AC, you have either a bad cord, or you have a bad fuse.
The Powersupply makes the DC. Anything comming out of the power supply is DC.
Then your power supply is hooked to your gameboard. Sometimes game boards have LED's to show you they have power. If yours are out, then you aren't getting 5vDC.
If you have AC at the PS and nothing is comming out or it's weak, you need to replace it. It's like $25 bucks.