It looks like this is using two D-type flop flops. D type flip-flops are fairly easy to understand. When the clock changes from 0 (0V) to 1(Power Voltage) the flipflop copies the input on D (0 or 1), stores it, and outputs it on Q and the opposite value on Qbar. Q stays the same until the next time the clock goes from 0 to 1. If you go through and figure out what the outputs are after each clock change you should be able to see all the outputs.
Brent