A cutting assembly is slidably mounted on a T-Square. The T-Square may include a scale having multiple indicia for measured cutting based on the size of the wallboard sheet being cut. The cutting assembly is mounted on a slider which may be clamped at measured positions along the arm of the T-Square. The cutting assembly includes oppositely disposed knife blades which are slidably mounted in a housing and spring loaded on opposite sides of a pivot mount such that when not in use the cutting assembly is urged to level and rests with the two knife blades retracted. As the housing is rotated so as to lower one end, the corresponding knife blade extends from the housing to engage with and score or cut the surface of the wallboard material. The cutting tool may be rotated in the opposite direction to thereby extend from the housing the other blade of the pair of oppositely disposed knife blades.