Final answer:
In the context of cash disbursement transactions, the 'Purchase returns' account is not directly affected, unlike the Cash, Accounts payable, and Purchase discounts accounts which directly reflect outflows of cash.
Step-by-step explanation:
The question asks which account is not affected by cash disbursement transactions. The four accounts mentioned are: 1) Cash, 2) Accounts payable, 3) Purchase discounts, and 4) Purchase returns. Cash disbursement usually refers to the outflow of cash for various purposes such as paying off creditors and purchasing goods or services.
Generally, cash disbursements will affect the Cash account, as it represents the physical money that is paid out. Accounts payable can be affected if the cash disbursement is made to settle outstanding payables. Purchase discounts might be relevant if the payment is made within a discount period. Lastly, Purchase returns is indirectly related to these transactions as it could reduce the amount payable. However, in the context of a single cash disbursement transaction, it does not get directly affected as it records the return of goods, not the movement of cash.
Thus, in the list provided, Purchase returns is the account not directly affected by cash disbursement transactions.