The document describes the phases of the instruction cycle in a CPU. It discusses the following phases: 1) Fetch - the next instruction is fetched from memory and stored in the instruction register using the program counter; 2) Decode - the instruction inside the register is decoded; 3) Execute - the control unit passes signals to function units like the ALU to perform the required actions like arithmetic or logic operations. It also describes common circuits used in a CPU like the program counter, memory address register, and instruction register.