The citric acid cycle is a series of chemical reactions that takes place in the mitochondria and is the final common pathway for the oxidation of fuel molecules like carbohydrates, fatty acids, and amino acids. It consists of 8 steps where acetyl-CoA enters the cycle and is oxidized, producing carbon dioxide and reducing NAD+ and FAD to NADH and FADH2. The NADH and FADH2 then feed into the electron transport chain to produce ATP through oxidative phosphorylation. Oxaloacetate is regenerated at the end of the cycle to condense with another acetyl-CoA molecule and continue the cycle.