Separate dough into 10 biscuits; flatten each biscuit lightly with palm of hand. With 1-inch round biscuit or cookie cutter, cut hole in center of each biscuit.
In 12-inch skillet or 4-quart Dutch oven, heat 2 inches oil over medium-high heat to about 350ºF. Carefully fry biscuits about 30 seconds on each side or until golden brown. With slotted spoon, remove from oil; place on paper towels to cool.
In microwavable bowl, microwave frosting on High 15 to 30 seconds. Stir; if frosting is not completely melted, microwave and stir in 10-second increments until smooth.
Dip one side of each doughnut into chocolate glaze; sprinkle with candy sprinkles.