Dear Merlin,
May this find you Well. By "SRS manual", do you mean Volvo Technical Manual TP32231/1? If not, before you do any more tests or other work on SRS items, get this manual. An inadvertently-triggered airbag can be lethal.
If you do have the manual, then you're familiar with the precautions that must be taken.
Before you replace the sensor, try the following. Make a note of the radio security code. Then disconnect the negative battery cable clamp from the battery. Allow the car to sit for 30 minutes. Reconnect the cable and drive the car briefly. Do this two more times. If the SRS light remains "on", there likely is a fault in the sensor.
I would replace the sensor with one with the identical number (Volvo #9148793).This part was used in 1994 and 1995 940s. If bought at the dealer, this item will cost about US$1,000. You should be able to get once from a junkyard, for a fraction of that amount. So long as the airbags have not deployed - and the unit was not allowed to get wet - the unit should be usable. Install using all procedures in the above-mentioned Volvo technical manual.
Hope this helps.
Yours faithfully,
Spook
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