Bullhead,
If your daughter will never hunt then the link esshup provided has many good options.
If you think she might, then you might want to consider a youth bow from one of the reputable bow companies. My daughter has the Diamond Edge.
Pros
1. Adjusts from 30 -40 lbs.
2. Option to buy new limbs 40 -50 lbs for around $50
3. Large drawlength adjustment (20" - 28" I think)
4. Draw length adjusts WITHOUT a bow press. Nice when they are growing.
5. Came as a package - bow, sight, kwiver, arrow rest, bow sling
Cons
1. More expensive than a bow for targets (I paid around $225 on sale)
As for arrows, don't spend a lot of money. I like carbon for their avaiablity and durability. I shoot the cheapest ones from Cabels's and they are fine. Leave them a little long for your daughter now. As she grows, you won't need to purchase new ones becasue she outgrew them.
Hope this helps.