1) Whisk together all of the dry ingredients in a medium-sized mixing bowl.
2) In a separate bowl, beat the eggs, oil and water (or buttermilk or yogurt) until foamy.
3) Pour the liquid ingredients all at once into the dry ingredients and stir just until combined.
4) Butter or grease the doughnut pan; non-stick pan spray works well here. Note: even though the pan is non-stick, since the doughnuts are low-fat they may stick unless you grease the pan first. Fill each doughnut form half full.
5) Bake the doughnuts in a preheated 375°F oven for 10 to 12 minutes. When done, they'll spring back when touched lightly, and will be quite brown on the top.
6) Remove the doughnuts from the oven, remove them from the pan, and allow them to cool on rack. Glaze with icing, or coat with cinnamon-sugar or any non-melting sugar.