Cream butter and cream cheese. Gradually add sugar, beating until light and fluffy. Add eggs, beating well.
Combine flour and baking powder; add to creamed mixture, beating at medium speed of an electric mixer 4 minutes. Stir in vanilla and almond extract. Pour into a heavily greased and floured 15- x 10- x 1-inch inch jellyroll pan. Bake at 325° for 50 minutes or until a wooden pick inserted in center comes out clean. Cool in pan 10 minutes. Remove to a wire rack, and cool completely.
Wrap cake in aluminum foil; freeze until firm. Cut cake into 1 1/2-inch squares.
Drop squares, one at a time, into icing, turning to coat well; transfer to wire racks, using a fork. Let cakes dry. Monogram, as desired, with Royal Icing.