Bake cupcakes and allow them to cool fully.
Prepare the icing while the cupcakes are baking and cooling.
Fill a piping bag with frosting and attach the big star tip (Wilton tip 1M) and pipe a swirl on top of each cupcake.
Roll out white fondant and use a square cutter to cut out a piece.
Start rolling it from one end to the other, while gently pressing the center.
Roll out a small thin rope of pink or red fondant. Wrap it around the center of the white diploma. Press gently so that it sticks into place.
Use a knife to cut off excess pink fondant on the ends.
Roll out another thin rope of pink fondant and shape it into a bow.
Stick this bow in the center of the diploma, using very little water or corn syrup.
Make 24 of these toppers and let them dry overnight or until they harden.
Place a topper on top of the iced cupcakes and you are done. Enjoy.