Hello Anurag,
Thank you for reaching out to us.
Please see our responses to your questions below:
1. Can a AdGroup be associated to multiple Campaigns ? Reverse is true(Campaign can have multiple AdGroups) -> An AdGroup can only be associated to a single campaign. Yes, you're right that campaigns can have multiple adGroups.
2. Can a multiple Audience (UserList) be associated to a Adgroup? Reverse is true(a Audience can be associated to Multiple AdGroups) -> Yes, a Userlist can be associated to an AdGroup and Audiences can be associated to multiple AdGroups. If you want to target a Userlist to a certain AdGroup, an AdGroup criteria will be created referencing that Userlist (as also described here).
You can also check on this guide to know more about the Google Ads' hierarchy of objects and this guide for the list of criteria that can be targeted in the Ad group level.
Regards,
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