Is their any reason that electric outlets and electric lights can not be on the same circuit?

I could give you a scenereo, where I wouldn't WANT them on the same circuit: Basement workshop, 1 light, no redundancy, using a table saw. Light burns out.

Other responses here, say for residential, it's OK.

In a residential setting, most outlets are for lighting, living room, bedrooms, etc, and are considered as general purpose lighting outlets. Lights can and usually are on the same circuit as the outlets.

There are circuits that there should be no lights connected, such as kitchen, dining room, appliance,etc.

As Kiss mentions, some thought is needed to prevent lighting outlets to be on a receptacle circuit used for large applainces or tools, if the circuit trips the lights are out also. A good design will always have two circuits in each room.

Thanks for your help. daniel38.