Preheat the oven to 325°F. Grease two 8-inch cake pans or one standard loaf pan and line the bottom with parchment paper.
Sift the flour, baking powder, baking soda, and salt together in one bowl and set aside.PRO TIP: Don't feel like sifting? (For the record, I avoid it whenever possible.) Do a quick, "fake" sift by stirring the dry ingredients together for a minute with a whisk. It won't be quite as fluffy and powdery, but it will work fine in a cake like this -- though it is best to do a full sift for extra-light baked goods like soufflés and sponge cakes.
In the bowl of an electric stand mixer fitted with the paddle attachment, cream the butter and sugar on medium or medium-high speed until light and fluffy. Scrape the bowl once during this process to make sure everything is smooth. Scrape again.
With the mixer on low, add the eggs, vanilla, and lemon zest (if using). Once it starts to incorporate, kick the mixer up to medium again, and beat until it is lightened and fluffy, about one minute. Scrape the bowl and briefly mix again.
On low speed, alternately add the sifted dry ingredients in three additions and the buttermilk in two: dry, wet, dry, wet, dry. When everything is fully incorporated, remove the bowl from the mixer. Scrape the bowl as necessary, and fold in the sprinkles by hand using a spatula.
Pour the cake batter evenly into the two cake pans or loaf pan. Use the back of the spatula to smooth the batter evenly, and bake. Two 8" round pans will take about 30-35 minutes. One loaf pan will take around 1 1/2 hours. PRO TIP: Your cake is done when a cake tester, skewer, or toothpick inserted into the middle comes out clean, and the top feels firm but not hard, like a sponge. You may also notice the edges pulling away from the pan.
Cool in the pans for about 15 to 20 minutes. When the pans are cool enough to handle, run an offset spatula or a knife around the outside rim, and turn the cakes out onto a wire cooling rack. Let fully cool. PRO TIP: This cake can be made a day or two in advance, and I recommend doing so. Cake always tastes better the next day.
Disclaimer: Nutrition information is provided for courtesy purposes only, and is an estimate not verified by medical or nutrition experts. Read the full nutrition disclaimer.