How do I add a library project to Android Studio?

Question

How do I add a library project (such as Sherlock ABS) to Android Studio?

(Not to the old ADT Eclipse-based bundle, but to the new Android Studio.)

Answer 1

If you need access to the resources of a library project (as you do with ABS) ensure that you add the library project/module as a "Module Dependency" instead of a "Library".