How can I create child accounts on a family iPad?

It seems most people get a dedicated iPad for their kids. We choose to have one iPad for the family. We have an iCloud account for the child. Is there a way to enable them to login to the iPad and have the child restrictions applied, and for the parents to be able to login and have unfettered access? Like how every computer works with multiple accounts?

[Re-Titled by Moderator]

Original Title: Child accounts on a Family iPad