Prep the pan and oven: Heat the oven to 350°F (175°C). Grease and line an 8-inch round cake pan (or 9-inch for a thinner cake) with parchment paper. Greasing plus parchment ensures an easy release.
Combine dry ingredients: In a large bowl, whisk flour, sugar, baking powder, baking soda, and salt until evenly mixed. Breaking up any flour clumps now prevents overmixing later.
Mix wet ingredients: In a separate bowl or large measuring cup, whisk milk, yogurt, oil, melted butter, eggs, vanilla, and almond extract if using. The mixture should look smooth and creamy.
Bring it together: Pour the wet mixture into the dry ingredients. Whisk gently until you no longer see streaks of flour. Stop mixing as soon as it’s combined; a few small lumps are fine.
Rest the batter (briefly): Let the batter sit for 2–3 minutes. This helps the flour hydrate and yields a more even crumb.
Fill the pan: Scrape the batter into the prepared pan. Smooth the top with a spatula so it bakes level.
Bake: Place on the center rack and bake for 28–35 minutes (closer to 25–30 minutes in a 9-inch pan). The cake is ready when the top springs back lightly and a toothpick comes out with a few moist crumbs.
Cool: Let the cake cool in the pan for 10 minutes. Run a knife around the edge, then turn it out onto a wire rack. Peel off the parchment and let it cool completely before frosting.
Finish and serve: Dust with powdered sugar for a light finish, or frost once cool. Slice with a sharp knife, wiping the blade between cuts for neat slices.