Preheat the oven to 375 degrees F (190 degrees C).
In a large bowl, cream together the margarine and sugar until smooth. Beat in the eggs one at a time mixing well after each. Combine the flour, baking powder and baking soda; stir into the sugar mixture alternately with the milk. Drop by heaping tablespoonfuls onto ungreased cookie sheets. Space cookies at least 3 inches apart.
Bake for 12 to 15 minutes in the preheated oven, or until light brown. Remove from cookie sheets to cool on wire racks. When completely cool, frost with vanilla frosting and sprinkle with candy sprinkles.