Mmmmmmmm.......No This explains it better than I can, a picture is worth a thousand words
How and where the Neutral and Ground are connected depends on local code and the age of the system. In Oregon for instance, mobile homes and floating homes (houseboats) are required to have a 4 wire system, 4 wires running from the power pole to the breaker panel, with the neutral and ground as separate wires. The neutral and ground are not connected at the breaker box, and run all the way back to the power pole. This may also be code for all new construction, not sure about that.
Might be. I only have three wires into the panel from the pole.
I'm a bad explainer. this is what I meant by the dividing(not divinded haha) line in the A/C sine wave. I think its showing the same thing as you picture, just in a medium I understand, FAT CRAYONS!! hahaha