The document discusses the timers/counters of the 8051 microcontroller. It describes: 1) The two timers/counters - timer/counter 0 and timer/counter 1 that can be used as timers or event counters. 2) How the timers work using internal clock pulses to count up and trigger interrupts when they overflow. 3) The timer mode and control registers that are used to configure the timers for different modes and start/stop them. 4) Examples of using the timers to generate delays and square waves for applications like measuring wheel rotations.