I've got twin 12 year old boys and want to set I tunes accounts for them both, I need to be able to administer any purchases as they will need to use my bank account. How can I do this?

I've got twin 12 year old boys and want to set I tunes accounts for them both, I need to be able to administer any purchases as they will need to use my bank account. How can I do this?

What do you mean by administer?
When you set up the account you have to enter a birthday and it has to results in being 13 years old or older.
You can set a Restriction that hides the iTunes and App store and another one to prevent in-app purchases. See:
iOS: Understanding Restrictions

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