When we are using analog energy meters in which the reading is taken when the disk rotates which is rotated when the current ingoing from the Live Wire(1Phase AC System) and the same current is outgoing from the Neutral Wire and vice versa. So now there are four places for cable lugs, two for input Live and Neutral Wires and other two for output Live and Neutral Wires. If anyone connects both input Neutral and Output Neutral then Current entering or exiting from the phase will not return back through the meter connected neutrals due to impedance of meter coils, and ultimately follows the short circuited external path. Hence the energy actually be drawn from the source will not be recorded by the meter, so it becomes an illegal act to connect both neutrals.
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Only the main panel is grounded directly because if you ground each junction box of subpanel ground loop current paths are possible that can cause shock hazards. The ground rod is connected to main panel and the neutral is bonded to that ground as is the ground wire. The neutral and ground wire are then run to all circuits, junction boxes and subpanels throughout the house. If you tie neutral and ground together at any point in the house, other than the main panel ground loops can exist and cause shocks.
Just make it a junction box. Remove the outlet, tie the blacks together under a wire nut. The the whites together under a wire nut. Tie the ground wires together under a wire nut. Push all the wires back into the outlet box and cover it with a blank cover. Paint the cover the same color as the wall. Do not sheet-rock over the outlet box. All junction boxes must be accessible.
Black/White/Ground power in and the same out. Tie the incoming and outgoing white wires together under a yellow wire nut and push them back in the box. Tie the ground wires together under a green wire nut and connect the pigtail from those ground wires to the ground screw on the switch. Connect the 2 black wires you have left to the 2 screws on the switch. Doesn't matter which black wire you connect to which screw.
What kind of wire? If it's a power wire, why is the place wired with conduit? Commercial buildings must put all power wiring in conduit, so if you're planning to run romex in a commercial building, the answer would be "no", it's not permissible. If it's data wire, note that there may be some "crossover" interference if the data wire follows a power wire for very much distance. It's usually not a problem to cross a conduit and tie to it, but it's generally recommended that you not tie data cable to conduit.
Tie all White wires together. Tie the Grounds together and connect them to the ground screw on two switches. Create a pigtail with TWO black wires coming out. Connect a black wire to each of the two switches. (you pick which screw, but be consistent. Connect the black wire from the light to the remaining screw on one of the switches. Connect the black wire from the fan to the remaining screw on the OTHER switch.