Masking in Flash like in Photoshop

Is there a way to make Flash work with masks in the same way as in Photoshop?

In Flash, for a mask layer to work, it needs to be in shades of transparency.

In Photoshop, you can use a fully opaque mask layer, and the mask is applied by using the different shades of black and white.

Is this possible in Flash? Any help is much appreciated. Thanks.