http://www.allinterview.com/showanswers/96317.html
CPU is a sequentially executing machine. It will execute the instructions from it's instruction set one-by-one until either program execution sequence is modified or the CPU is instructed to stop execution. However, if any peripheral device wishes the CPU to know that it needs it's attention, then they inform through interrupts. IRQ stands for Interrupt Request and FIQ stands for Fast Interrupt Request. IRQ is serviced at a normal priority level and FIQ is serviced at high priority level.