Due to pressure from trade unions, you live in one of the few areas in the free world where residential wiring is still done with metal conduit and individual wires pulled through the conduit system. As a result , in the other 99% of the US, Romex cable is the standard for wiring homes, and has been for the better part of a century. This leads to a "standard" of sorts, in which there are only three common colors in 120V residential Romex installations. They are white for neutral wires, and black and red for hot wires. Grounds are almost always bare copper. Once you are using individual wires in conduit, however, the rules change. Simply, white and gray are neutrals, greens are grounds, and any other color can be a hot wire. My guess is that your yellow is a spare wire intended to serve a ceiling fan/light combination to allow the fan and the light to be controlled separately. It doesn't mean that there is a ceiling fan installed now, just that the system was installed to allow future installation. While wiring new homes, I do this to all bedrooms, dining room, etc, but use Romex with an extra red wire to accomplish the same thing. The white(neutral) wires are nutted together in the box because they are passing through to the fixture and not required at the switch box. The lack of a ground is not best practice, but legal, since the entire system is installed in metal conduit, and the code considers the entire conduit system to be a ground.