She 'is' widely/generally 'acknowledged' as one of the world's best chefs. [=many people regard her as one of the world's best chefs]
He refuses to 'acknowledge' the authority of the court. [=he denies that the court has authority]
The players 'acknowledged' their fans by waving their hands and blowing kisses into the crowd.
(..) Hey! Hey, Saul! Saul ! Mr. Benedict, please. I have never enjoyed the touch of steel to my skin. Lift them up, please. I acknowledge your briefcase contains nothing dangerous or illicit. I agree to take said briefcase and store it in my vault... ...for a period of hours. (..)2001 Ocean's Eleven