Sift flour, sugar and baking powder together and make well in center.
Beat eggs together, and then add to well. Cut in margarine. Add extracts. Stir and mix with hands. (Add more flour if dough is sticky.)
Break off small piece of dough and roll it with the palm of the hand to form a 5-inch rod. Form the rod into a knot and place on cookie sheet. Continue until all dough is shaped into knots.
Bake at 350° until lightly golden (about 8-12 minutes).
Brush warm cookies with icing and sprinkle with multicolored sprinkles. Makes about 4 dozen.