Plain English Meaning
It is the airspeed shown on the cockpit gauge after small built-in errors have been corrected, given in knots. Think of it as the cleaned-up version of the speed the pilot sees on the dial.
Full Definition
Knots calibrated airspeed (KCAS) is indicated airspeed corrected for instrument and position errors, expressed in knots. Position error arises because the static port cannot sense perfectly undisturbed air at every angle of attack and flap configuration, so the raw indicated value needs a small correction. The resulting value more accurately reflects the 's through the surrounding at on a .