1. Cut twelve cookies with a doughnut cutter, or cut the centers out of each cookie with a small round cookie cutter. Place them on a baking sheet lined with waxed paper or parchment paper and set aside.
2. IF USING FROSTING: Place the frosting in a microwave-safe bowl, and heat for 10 seconds. Remove from the microwave and stir well. If the frosting is a consistency similar to syrup, it’s ready to coat the cookies. If it’s too thick, return it to the microwave for 5 additional seconds, and remove, stir, and repeat until the frosting has a syruplike consistency.
IF USING CANDY COATING MELTS: Prepare melts according to package directions.
3. Pour or spoon the melted frosting or candy coating on top of a cookie. Immediately sprinkle with a generous layer of sprinkles, coconut, chopped nuts, or your topping of choice. Repeat with the remaining cookies.