1Heat oven to 350°F (325°F for dark or nonstick pans). Place miniature paper baking cups in 24 mini muffin cups, 1 3/4x1 inch. Make cake batter as directed on box. Fill cups 2/3 full of batter (about 1 rounded tablespoon each). Refrigerate remaining batter.
2Bake 10 to 15 minutes or until toothpick inserted in center comes out clean; cool. Repeat with remaining batter. (Leave paper baking cups on cupcakes so mortarboards are quicker and easier to make and more portable to serve.)
3To make tassels: Cut sixty 2 1/2-inch lengths from fruit snack rolls. Cut each into several strips up to 1/2 inch from 1 end. Roll uncut end between fingertips to make tassels. Or cut several pieces of shoestring licorice into 2 1/2-inch lengths.
4Tint frosting with food color to match paper baking cups. Frost bottoms of cookies. Place 1 candy on center of each. For each mortarboard, place small dollop of frosting on bottom of cupcake; top with cookie. Press uncut end of fruit snack or 3 or 4 pieces of licorice into frosted cookie next to candy. Store loosely covered.