Mortarboard Cupcakes Recipe

In a large bowl, combine the first five ingredients. In another bowl, combine the water, oil, vinegar and vanilla; stir into dry ingredients just until combined. Fill paper-lined muffin cups two-thirds full. Bake at 350° for 20-25 minutes or until a toothpick inserted near the center comes out clean. Cool for 10 minutes; remove to wire racks. In a large bowl, cream the butter, shortening and vanilla until light and fluffy. Add confectioners' sugar alternately with milk, beating well after each addition. Add food coloring if desired. Level off the top of cupcakes; frost sides and bottom. Place upside down on a serving platter or covered board. Frost graham crackers; place one on each cupcake. Place an M&M's candy in the center of each cracker with two licorice pieces for a tassel. Yield: 1-1/2 dozen.