Assertion : Neurospora is commonly called water mould. Reason : It belongs to basidomycetes fungi.

Step-by-step solution

Neurospora is commonly called pink/red bread mould or pink mould. It belongs to class ascomycetes fungi or sac fungi. It is used in experimental genetics as it can be grown easily in a definite medium in laboratory. It is a haploid fungus. It is a heterothallic fungus having + ve and - ve mycelia and somatic fusion of two halpoid nuclei produce a diploid zygote. The zygote by one meiotic and another mitotic divisions forms 8-nuclei and hence ascospores, a characteristic structure of ascomycetes are produced.