Step 2: Analyze the given options. The first option, 'Hydrolysis of peptide bonds in proteins,' refers to proteolytic enzymes like proteases, not acid phosphatase. The second option, 'Hydrolysis of phosphate esters to release inorganic phosphate and an alcohol,' matches the function of acid phosphatase. The third option, 'Conversion of glucose to glucose-6-phosphate,' is catalyzed by hexokinase, not acid phosphatase. The fourth option, 'Oxidation of succinate to fumarate,' is catalyzed by succinate dehydrogenase, not acid phosphatase.