Yes, teachers will be able to edit the details for the account settings, here is more information on which details you can edit.
By default the school hours will be set from 8.30am to 3.30pm (local time) however you will be able to change them, to do this:
1) Click on Settings at the top
2) Click on CHANGE in the School details box
3) Under the Main setting for your school click on Change next to School Hours
4) You will now be able to set your school's opening and closing times.
5) Click Save at the bottom right of the page to confirm changes
Note: Any restrictions placed on the students account will be effective during the set school hours.