I've made doughnuts this way for a long time. Instead of using the glaze I mix cinnamon and sugar in a bag. When the donuts are done and cooled I just put a few in the bag and shake away. Super simple and tasty !
In a small bowl, combine the confectioners' sugar and water; mix well to make glaze, and set aside.
In a soup pot, heat 1 inch of oil over high heat until hot but not smoking.
Separate the biscuits and lay flat on a cutting board. Using an apple corer or a sharp knife, cut out a small circle in the center of each biscuit, forming doughnut shapes.
Cook in batches in the hot oil for about 1 minute per side, or until golden. Drain on a paper towel-lined baking sheet.
While still hot, dip doughnuts in glaze, turning to coat completely. Place on a wire rack that has been placed over a baking sheet to allow excess glaze to drip off. Serve warm.
For chocolate-glazed doughnuts, add 1 tablespoon unsweetened cocoa to the glaze. Don't forget to cook the doughnut "holes," too!