"Cute little graduation caps are made with peanut butter cup hats, graham cracker cookie mortarboards, and candy licorice tassels. They are easy to assemble with prepared frosting to hold them together."
Cut licorice candy whips into 2-inch pieces, and pull them apart to make small strings. Set aside.
Place a miniature peanut butter cup upside down on a work surface; top with a dab of frosting. Center a chocolate-covered graham cracker cookie onto the frosting to make a small cap with a mortarboard. Gently press the cookie onto the peanut butter cup.
Place a small dab of frosting in the center of the graham cracker cookie and attach a red licorice string as a tassel, letting the tassel drape over the edge of the cookie. Place a candy-coated milk chocolate piece onto the center of the cookie over the end of the tassel to make a button.
Repeat with remaining candies and cookies to make 50 graduation caps with tassels.