True - If you do an AC analysis you can determine instantaneous values of current an voltage across the circuit elements, which will not necessarily be in phase with one another, and indeed if the parasitic inductances and capacitance and their impedances of the real life conductors and...
I may be over simplifying, but I believe you're making this problem too difficult. AC vs DC makes no difference in the basic analysis. The meter is attached to an open ckt, but there is a current path through a load resistor over which the full supply voltage will appear. However even if all...