"Admit" would imply that she actually said "Ok, I have a mustache." "Acknowledge" can just mean just to accept a fact, although it also can imply that she verbally admitted it, as well. The meaning is similar and the difference is subtle, so don't worry too much about getting them mixed up. "Admit" is much more common in conversation, with "acknowledge" being more formal or literary. You might hear it more commonly between two radio operators:
"Are you receiving this message? Acknowledge."
"(The message is) Acknowledged."