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 bowl, beat the softened butter and granulated sugar together until light and fluffy, about 2-3 minutes.
Add the eggs, vanilla extract, and almond extract to the butter mixture, mixing until well combined.
Gradually add the dry ingredients to the wet ingredients, mixing just until combined. Do not overmix.
Fold in the rainbow sprinkles gently.
Spread the cookie dough evenly into the prepared baking pan.
Bake for 20-25 minutes, or until the edges are lightly golden and a toothpick inserted into the center comes out clean.
Allow the cookie cake to cool completely in the pan on a wire rack.
Once cooled, frost the top with cream cheese frosting and sprinkle additional sprinkles on top for decoration.