Purchases have nothing to do with your iCloud account. Apple keeps a record of all your purchases because you have no physical copy of what you bought, so their only way to guarantee that you do not loose what you bought (and then blame them) is to keep a record of it.
Since the things you have bought are already stored by Apple in their online store front servers, there is no point in also sticking copies in your iCloud space, hence iCloud has nothing to do with your purchased content.
Your purchases in the iTunes, App and iBook Stores are indepenent of your iCloud account. When you re-download something, you are downloading it from the store, not iCloud. When you hide something, you are simply hiding it from your displayed account history in the store - that purchase history again has nothing to do with iCloud.
You also cannot delete an iTunes or App Store account, as that would require deleting an AppleID and again, that cannot be done. Similarly you cannot delete an iCloud account (although you are free to stop using it).
All of this is expliained in all the legal information you agree to every time you create an account with Apple or use one of their services. You provide them with personal information, which becomes their information property to store forever in exchange for the rights to shop in their store and use their provided services. Its really no different than opening up a credit card account - read the back of the card; the card and the account belong to the company issuing it, not you. You merely have the rights to use it.