What will happen if the brake accumulator fails completely? Will my brakes still continue to work like a car with vacuum assist where I lose power assist only if the engine fails? Over the past week, my brake warning light and alarm have been coming on every time the brakes are applied with more than moderate force. I'd like to know because a new accumulator is 3 days away in my area and if the car is not safe to drive until it gets a new bomb then I will park it. This sucks coz the accumulator that is in the car now is only 2 years old :((

It might not be the bomb that's causing the warning light. You could have a leaky seal in one of your caliper pistons. I think any brake hydraulic loss will show a red triangle. You might have a leak elsewhere in your steering system. I think this too will cause a warning light. Your question about how the brakes work without the bomb is, I think, answered by you correctly. Don't forget, you do have the handbrake!

Thanks for pointing out the other possibilities. Once the right front caliper did tend to sieze and I bought a new one but it hasn't acted up since so I left it but now that you mention it, that could be the culprit.
I am not losing any fluids and will do a hydraulic pressure test of the bomb and the pump just to be sure.

brakes still work, but with very little assist. Brake pedal pulsates almost like ABS activation.

Brake booster is big $.