A list of liabilities follows. For each item, indicate by using the letter F that it is a financial liability or N that it is a non-financial liability. For obligations that are non-financial in nature, briefly explain why they do not meet the criteria of a financial liability.

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Item Liability 1. Accounts payable 2. Warranties payable 3. USD bank loan 4. Bank overdraft 5. Sales tax payable 6. Notes payable 7. Unearned revenue 8. Finance lease obligation 9. HST payable 10. Bank loan 11. Bonds payable 12. Obligation under customer loyalty plan 13. Income taxes payable 2 Financial or non-financial obligation? Explanation