Preheat your oven to 350°F (175°C). Grease and flour a 9x13-inch baking pan.
In a medium bowl, whisk together the flour, baking powder, baking soda, and salt. Set aside.
In a large mixing bowl, cream the softened butter and granulated sugar together until light and fluffy, about 3-4 minutes.
Add the eggs, vanilla extract, and almond extract to the butter mixture, and mix until well combined.
Gradually add the dry ingredients to the wet ingredients, mixing until just combined. Do not overmix.
Fold in the rainbow sprinkles gently.
Pour the batter into the prepared baking pan and spread it evenly.
Bake for 20-25 minutes, or until a toothpick inserted in the center comes out clean.
Allow the cake to cool in the pan for about 10 minutes, then transfer it to a wire rack to cool completely.
Once cooled, spread the frosting over the top of the cake and sprinkle additional sprinkles on top for decoration.