The cPanel for a hosting account only has one login username and password. Inside the cpanel is where the stats are kept. This means each person would have to have access to the cpanel username. This is not advised as you want to keep your cpanel password secure.
As for editing their site, it would depend on whether the site was built in its own subfolder with its own Content Management System (CMS). If that is the case, each one would have it's own admin login area.
For example, if you installed abc.yourdomain.com as a joomla site and xyz.yourdomain.com as a separate Joomla installation, each site would have its own login: abc.yourdomain.com/administrator and xyz.yourdomain.com/administrator. They would not be able to see each other's site, so it is safe to create an account for them to login and edit their site.
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