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There are some people who have used this a simply a respelling of the flower/tree name Acacia. However, if it is pronounced "ah-KAH-sha", it's probably from a Sanskrit word that may have originally meant "open space" and later came to be applied to the concept of an ether pervading the universe. Many Americans who are part of what's loosely called the "New Age" movement believe in what they call the "Akashic records", the idea that an impression of everything that's ever happened remains in this all-pervading ether, and that psychics are figuratively "reading" these Askashic records when they receive information about the past. This may not be exactly how Hindus use the word, however.