"The command descends": meaning the revelation "between them," meaning between the heaven and the earth. "That you may know" through this revelation "that Allah is over all things competent and that Allah has encompassed all things in knowledge," meaning nothing escapes His knowledge.
Muhammad said: "In knowledge" is in the accusative case as an emphatic verbal noun (masdar mu'akkad). The meaning is: He has known everything with knowledge. This part has ended with the praise of Allah.