Preheat the oven to 350 degrees. Butter 2 baking pans. In a bowl, mix the flour, baking powder and salt together. In a mixer fitted with a paddle attachment (or using a hand mixer), mix the eggs and sugar until pale yellow and fluffy. With the mixer running, drizzle in the oil, vanilla, almond extract and mix. Add the dry ingredients and mix just until combined. Turn the dough out onto a lightly floured work surface. Using your hands, form into logs 1-inch in diameter. Working in batches if necessary, cut into 3/4-inch-thick slices and arrange the cookies on the sheet pans. Bake until light golden brown, 12 to 15 minutes. Let cool on wire racks.
Icing: In a medium bowl, whisk the milk, egg white, confectioners' sugar and almond extract until smooth. Divide the icing into one large and two smaller batches. Leave the large batch of icing white; color the other 2 to your liking.
When the cookies are cool, dip the tops into the white icing. Use a fork or a squeeze bottle to drizzle the cookies with the other colors. Let set in a cool place 1 hour.
Courtesy of Gale Gand, "Butter Sugar Flour Eggs" by Gale Gand, Rick Tramonto, Julia Moskin, Clarkson N. Potter Publishers, 1999