Loot Bonus And Its Effects

I had a few questions concerning loot bonuses and its effects, here are a few of them.
Does it affect the quality of items or quantity of drops when killing mobs?
Does loot bonus affect anything other than mobs? I. E. -
... chances of a better horse when breeding?
... item bombs?
... flower/clay pots?

 

No to all of those.

 

so it only affects mob drops?

 

Are you sure it doesn't affect the quantity of weapons/armor dropped?

I think it only affects mob drops yeah

 

Oh lol I didn't see the first question.

Loot Bonus affects the quantity of the loot you get, not the quality.

 

It affects mob drops, and adds to the drop CHANCE of EVERYTHING, so basically quantity. It's supposed to affect chests too, but I've tested it and can safely say it doesn't do shit to chests.

 

Hours wasted to find out that loot bonus doesnt affect chests

 

Rip.