In the field of educational assessment, while conducting a detailed analysis of the philosophical and functional nature of 'Formative Assessment' and 'Summative Assessment' under 'Continuous and Comprehensive Evaluation' (CCE), which of the following statements most accurately defines the distinction between the two and their educational objectives?

In the Continuous and Comprehensive Evaluation (CCE) system, 'Formative Assessment' is a crucial component of 'Assessment for Learning', which helps in identifying (diagnostic) and rectifying (remedial) student difficulties during the teaching-learning process.

In contrast, 'Summative Assessment' is generally 'Assessment of Learning', which is conducted at the end of a specific instructional period to evaluate, grade, and certify student performance.