Yes! You can convert your existing flashcards into Study Sets:
Simply tap the "Add (+)" button in the Documents Tab, and then select "Study Set". (You can alternatively import existing flashcards as Study Sets too.)
To type in the "Question" card, simply tap anywhere in the top card. Similarly, to add or edit the "Answer" card, scroll to the bottom of the page, and tap anywhere in the bottom card.
See the full guide on getting started with Study Sets here.
Study Sets are a new and improved version of the early flashcards paper template. More research has gone into creating this feature, and we will continue to iterate and add new functionality to Study Sets. The flashcard template, however, will still be available for you to use! See here for a guide.