Cream butter in a medium mixing bowl; gradually add whipping cream, beating well. Add flour, beating until smooth (dough will be sticky). Divide dough in half; wrap in waxed paper, and chill overnight.
Roll half of dough to 1/4-inch thickness on a lightly floured surface; keep remaining dough chilled. Cut dough with assorted shaped cookie cutters; dredge in powdered sugar. Place cookies on lightly greased baking sheets.
Bake at 350° for 15 minutes or until lightly browned. Remove to wire racks to cool.
Repeat procedure with remaining dough. Sprinkle cookies with powdered sugar.