A multimeter is of limited use if you don't understand what you are looking at. A modern bike uses both electrical and electronic parts. Electrical parts include wire, relays, fuses, bulbs, horns and switches. Alternators, magnetos, dynamos and starter motors are also electrical components as are heating elements used in heated grips, heated clothing etc.. In order to test motors, alternators and similar you need to know a little about what you are looking at but often a simple continuity test can help identify a faulty part. All other electrical parts can be tested using a continuity tests including heating elements but beware electronic controllers which may be embedded making it difficult to check th wire element on it's own.
Electronics parts include rectifiers, voltage regulators, cdi units, ECUs, canbus modules, temperature controllers as well as a whole host of stuff that may be fitted to the bike. You stand next to no chance of fixing these units, especially at the roadside but sometimes a meter can help determine if it is actually the unit or the electrical connections to it.
Using a voltmeter to test your battery is not always that straightforward. If you suspect your battery is faulty, disconnect it and charge it up using a trickle charger or a suitable charger if using a gell or Lithium battery. Once charged reconnect it and measure the voltage - it should be more than 13 volts. If it drops sharply to below 11 volts when you turn on the ignition or lights, then it is probably shot but it can still be an earthing issue. This is where the wire with croc. clips comes in. Clip one end to the battery negative and the other end to a cleaned point on the frame. Now if you switch the ignition or lights on and the voltage drop is notably less (stays above 12 volts, say) then you may well have a corroded earth connection.
I hope this is not too simplistic and apologies to all of you who already know this stuff.
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