Cut and serve out (5)
I believe the answer is:
sever
'cut' is the definition.
(to sever is to cut or split)
'serve out' is the wordplay.
'out' indicates anagramming the letters (out can mean wrong or inaccurate).
'serve' with letters rearranged gives 'SEVER'.
'and' acts as a link.
(Other definitions for sever that I've seen before include "Divorce" , "Lop off" , "Cut from a whole" , "Detach" , "Cut completely" .)