Is it possible to share one iPad between parents and kids with different restrictions?

Most people seem to buy a dedicated ipad for the kids, but we have one that we want to share with everyone. Is there a way to share an ipad in such a way that when the kids are using it they have restrictions, but when the parents use it they have free access?

The traditional way with computers is that everyone gets their own login. Is there a way to create a passcode for the kids so that the ipad knows what configuration to use, and a separate one for the adults?

[Re-Titled by Moderator]