It should be noted that this phrase is not only used in by english speakers of all nationalities and dialects but by speakers of many different languages across the globe
see que pasa and ca va
2) A question used to inquire about the status of an on-going process or event. In this interogative state the sentence carries a question mark.
see also: when the going gets good,
bro: "not bad dude, I havent seen you for time..."
2) dude: "s'up man, I heard you had some problems with your girl. how's it going? things getting better?"
man: "get bent..." *cries into his beer*