Correct.
In fact, the word "accidental" (strictly speaking) only applies to sharps, flats or naturals appearing in the music itself, not the sharps or flats in the key signature. (Though to be honest I don't know what name they have...)
The key signature does take care of it, in subsequent bars.
I guess it's evolved that way because it was common for an altered note to apply for a whole bar, but not for later bars - so the simplest rule to cover that was to let an accidental refer to a whole bar, but not to later ones.
Of course, there are exceptions. But with notation, the best explanation of the rules is that they are designed to be as economical as possible (saving ink, time and space, for writers as well as readers), given the musical conventions of the time.
I was making a distinction (an erroneous one) between flats/sharps and naturals.(But what other "signals" could there be?)