Jesus clearly makes a distinction between himself here and the Supreme Being. He also clarifies the relationship that Jesus has with his followers. Jesus illustrates with this statement that he is representing the Supreme Being, and that he is to be respected because of his relationship with God - not because he is the Supreme Being.
The word "acknowledges" is being translated from the Greek word ὁμολογέω (homologeō), which means "to concede," and "not to refuse" according to the lexicon. Because Jesus was a controversial person at that time who was rejected by many among the ecclesiastical Jewish institutions, Jesus is speaking to his students regarding those who not only admitted their affiliation with Jesus, but followed his teachings.
This statement also illustrates the confidential and intimate nature of the relationship between Jesus and the Supreme Being. Jesus clearly indicates that pleasing the Supreme Being is his ultimate goal.
This is also illustrated by Jesus elsewhere:
"By myself I can do nothing; I judge only as I hear, and my judgment is just, for I seek not to please myself but him who sent me." (John 5:30)Jesus is stating that pleasing the Supreme Being is his major objective. And with the above statement to his students, he is stating that they too should be seeking to please the Supreme Being.
And Jesus clearly states that acknowledging Jesus is pleasing to the Supreme Being.
This also means that following Jesus' teachings is pleasing to the Supreme Being.
This indicates a loving relationship between Jesus and and the Supreme Being. It also means that the motives and intentions of Jesus and and the Supreme Being are inseparable.
But it is not that they are the same entity. This is the basis of the confusion between Jesus and the Supreme Being. Jesus wants to please the Supreme Being and this makes Jesus' activities synchronized with the will of God.
And this means that Jesus is teaching what the Supreme Being wants him to teach us:
" 'Love the Lord your God with all your heart and with all your soul and with all your mind.' [This is the first and greatest commandment." (Matt. 22:37-38)
(For a translation of Jesus' statements from the Book of Matthew without institutional sectarian influence, see the Gospels of Jesus - translated from the original Greek texts.)