With serrated knife, trim crust from top of cake, and cut cake in half horizontally. Using 1-1/2-inch round biscuit or cookie cutter, cut out 20 cake circles.
To make glaze, stir together confectioners' sugar and milk until smooth and glossy. Stir in food coloring, and mix until well combined.
Place wire rack over piece of wax paper. Spear each piece of cake with fork, and hold over bowl of icing. Using spoon, coat sides and top with icing. Place on rack. Repeat until all cakes are iced. Using small spoon, pour additional icing over cakes and decorate with sprinkles, candy corn, and pumpkin sugar candies.
For slightly larger cakes, try using individual Drake's pound cakes.