I love these candy graduation caps that I found on Bakerella. Click HERE to go to Bakerlla for more pictures and a tutorial. You could even use these as cupcake toppers. I have also seen them made using yellow frosting for the tassels and a M&M on top.
I also love these cute graduation cap plates. I saw this idea on Creative Parties and Showers. These were created by placing a square plate on an upside down bowl. Once the plate and bowl are glued together punch a hole in the corner of the plate using a hand held hole punch and then create a tassel with embroidery floss and ribbon to tie through the hole in the plate. You can then set a coordinating napkin in the center of the plate.
Click HERE to go to Creative Parties and Showers to see more pictures from this adorable Kindergarten graduation.