Request: Whenever an opportunity is created, the “Account Status” field of the Account object needs to be generated to that specific opportunity record. However, if a new opportunity is created (associated to that account) then the request is that the Account Status field of that previous opportunity to be updated to blank.
Step 1: Based on the requirement, Account object has a picklist field named “Account Status”. We need to create the same picklist on the Opportunity field.
Step 2: We now need to create the flow (Record-Triggered Flow)
Start Element:
Element 1 (Update 1):
Element 2 (Update 2):
Step 3: Save and activate the flow
Video: Video below shows that when we create a new Opportunity, the value from field “Account Status” in the Account object is populated to “Account Status” field in Opportunity object. However, if we create a new opportunity, the “Account Status” field of the previous opportunity gets updated to <blank>, while the newest/latest opportunity gets updated with the value from the “Account Status” field of the Account object.
Cloud Mantras 
Nice document. But can you update an account object field to another object field like quote document?