TDC/TC-Top center
BDC/BC-Bottom center
The Exhaust valve will be opening towards the end of the combustion (power) stroke, this is to help "blow down". When the fuel burns it creates a lot of pressure in the cylinder, but all of this can only pass through the small exhaust ports, so the valves open early. So, the piston is going down, it has passed the half-way mark and is nearing BC, exhaust valves are opening, high pressure that has built from burning fuel is now rushing out of the ports and into the header due to the difference in pressure; high in cylinder, low behind exhaust ports/header. This is blow down.
By the time the piston reaches BDC the exhaust valve is opened up, the pressure in the exhaust and the cylinder are slowly neutralizing, the mass of the exhaust leaving has momentum. This momentum can help the piston back up (in an ideal scenario it will, and there will be no work from the crank needed to fully evacuate the cylinder of burned fuel) but this (exhaust stroke) is usually the one that causes broken parts.
If the piston is being "pulled" up then it will not have the cushion that the gasses above it provide. It will accelerate faster, and the rod can and does stretch, and at best you will have piston to valve contact, at worst you will have rod bolt failure.
So, we don't want that, we want a lil cushion. The exhaust stroke will continue as the piston rises, the exhaust valves will stay open. The piston will "push" some of the burned gas out.
Now, look at the picture from the FSM that I posted up. 12 o'clock is TC, 6 o'clock is BC. At 3 and 9 we have max piston acceleration (not shown, but food for thought).
You will see that the exhaust cam timing is depicted by the inner arrow (4 o'clock, before BC on the power stroke; to about 1 o'clock after TC on the intake stroke)
The two other arrows are the intake cam timing, at the top of the circle you will see where these overlap with the exhaust cam timing. The more overlap, the higher the VTC number. You can see that IN1 (about 1 o'clock) starts on the intake stroke, after TC, and it overlaps little with the exhaust cam. IN2 starts much earlier, infact it starts during the exhaust stroke.
Now we see that at full retard the cam overlap is minimal, the intake valve is opening after the piston reaches TC and starts it's descent on the intake stroke. But look at where it closes...well after the piston is traveling up on its compression stroke. Compression is a measure of the ratio of total volume (volume of space in the cylinder: the sum of the swept volume displaced by the piston travel and the cumbustion chamber volume in the head) and the swept volume (volume displaced by the piston travel). Where the intake valves close in relation to the piston travel decides the total volume. Notice the volume of the cumbustion chamber in the head stays constant. The swept volume is also smaller now. This lowers the static compression ratio.
When the intake cam is advanced the intake valve is opening sooner, before TC on the exhaust stroke. The exhaust valves are still open at this point, the cam overlap is maximized. At higher piston speeds there is less time for the high pressure burned gas (which has mass and momentum) to evacuate the cylinder. VTEC allows the exhaust valve to open for more time, helping the exhaust flow faster out of the cylinder. By opening the intake valves towards the end of the exhaust stroke it helps scavenging, the exhaust is exiting on one side and creates a sucking force on the intake side due to the pressure difference. This also helps clear, or "push", the burned gas out of the cylinder. This all happens very near TC on the exhaust stroke.
As the piston reaches TC and starts to travel down on the intake stroke the exhaust valves close. The burned gas has been evacuated and the intake air now has momentum from the overlap. This helps to continue filling the cylinder as the piston moves down from TC to BC on the intake stroke. Because cam timing is finite and we started earlier, it will end earlier as well. The intake valves will now close sooner relative to the crank degrees. In the picture you will see this. The IN2 arrow ends shortly after BC on the compression stroke. Why dosent it end right at BC? Remember, the air has momentum. Also, piston travel is minimal near TC and BC. By closing the intake valve earlier (closer to BC) we are creating more total volume in the cylinder by increasing the swept volume. Because the head volume remains constant we are increasing the compression ratio.
This is a VERY simplified explanation. There are many more things going on here, and temperature, atmospheric pressure, static compression, A/F ratio, cam specs, piston speed, and stroke play a very large role in all of these events. Remember, RPM is the time it takes the crank to complete ONE rotation.