Let us assume you have to Measure Amps and Volts in four independent circuits. This becomes a Multi Channel Voltmeter and Ammeter.
The signals from sensors have to be amplified and corrected or scaled before reaching this Switched DVM. For Current a Shunt is the Sensor and for AC current a CT or current transformer is the sensor. Voltmeter has Attenuator as the 'Sensor'.
The 7107 DPM can be replaced by the Analog Inputs of the Arduino or Microcontrooler A/D Stage.