Preheat. Preheat the oven to 350°F. Grease and flour or line an 8 inch round or square pan with parchment paper.
Mix Batter. In a large bowl, whisk together the flour, sugar, baking powder, and salt. Add the egg, milk, vanilla extract, and vegetable oil. Whisk until smooth.
Bake. Pour the batter into the prepared pan and bake for about 30 minutes, or until the top is lightly golden and a toothpick inserted in the center comes out clean.
Cool. Allow the cake to cool completely before frosting.
Make Frosting. Heat the heavy cream in a microwave safe bowl until very hot but not boiling, about 1 to 2 minutes. Add the chocolate chips and whisk until smooth. Refrigerate until cold.
Whip. Once chilled, beat the mixture on high speed until light and fluffy. Spread over the cooled cake.
Notes
Mixing. Avoid overmixing the batter to keep the cake light and tender.
Cooling. Let the cake cool completely before frosting to prevent melting.
Flavor Option. Add ¼ cup cocoa powder to the dry ingredients for a chocolate cake variation.
Storage. Store frosted cake covered in the refrigerator for 3 to 5 days. Best enjoyed fresh.