As far as I know you would both have access to the same books. I am not 100% sure though. One account can have up to 6 people sharing. But it is sharing an account, not separate accounts, so I don't think the books available or passwords, etc can be different.
What I have done for my niece is I load the books from my account myself via the computer, then when I go to open it asks for the email and credit card number used to buy the book. Then after that I can put other books on from my account and it seems to recognize my info automatically.
Your daughter wouldn't be able to download her own books that way, or put them on herself (unless she has access to your account).
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