Set your oven to 325 degrees F (165 degrees C) and allow it to preheat. This will ensure that your cake will cook evenly and come out perfectly baked.
In a mixing bowl, combine 2 cups of all-purpose flour, 1 cup of sugar, 3 teaspoons of baking powder, and 1/4 teaspoon of salt. Make a well in the center of the mixture and set aside.
Into the well in the center of the dry ingredients, add 4 egg yolks, 1 cup of water, 1/2 cup of oil, 1 teaspoon of vanilla extract, and 1 teaspoon of almond extract. Beat the ingredients until smooth.
In a separate large bowl, beat 4 egg whites and 1/4 teaspoon of cream of tartar until stiff peaks form.
Pour the egg yolk mixture gradually over the beaten egg whites and fold until just blended. Then, fold in 1 cup of flaked coconut.
Place the pan in the preheated oven and bake for 55 minutes. Increase the oven temperature to 350 degrees F (175 degrees C) and bake for 10 to 15 minutes longer. The top will spring back when touched lightly.
Turn the pan upside down until the cake is cool before removing it from the pan. Once the cake is cool, remove it from the pan and frost it if desired.