Combine the flour, sugar, baking powder, and salt mixing well. Make a well in the center of the flour mixture and add the vegetable oil, egg yolks, water, vanilla extract, and almond extract. Beat until smooth.
In a large bowl beat the egg whites and the cream of tartar until stiff peaks form. Pour the egg yolk mixture gradually over the beaten egg whites and fold until just blended. Fold in the flaked coconut. Pour batter into an ungreased 10 inch tube pan.
Bake at 325 degrees F (165 degrees C) for 55 minutes. Increase oven temperature to 350 degrees F (175 degrees C) and bake for 10 to 15 minutes longer. Top will spring back when touched lightly. Turn pan upside down until cake is cool before removing from pan. Remove cooled cake from pan and frost if desired.