Cut on outside by blade reversed, so accurate (5)
I believe the answer is:
exact
'accurate' is the definition.
(similar in meaning)
'cut on outside by blade reversed' is the wordplay.
'cut' becomes 'axe' (I've seen this before).
'on' is a charade indicator (letters next to each other).
'outside by blade' becomes 'tc' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'reversed' is a reversal indicator.
'axe' put after 'tc' is 'tcaxe'.
'tcaxe' reversed gives 'EXACT'.
'so' is the link.
Can you help me to learn more?
(Other definitions for exact that I've seen before include "Precisely correct" , "As a right, demand" , "Faithful" , "on the money" , "Call" .)