Is it possible to use 2-step verification with multiple accounts on a phone? Using 2-step verification with Google Authenticator on an Android handset provides good security for accessing Gmail and other Google services.  What I am curious about is whether Google Authenticator can provide support for all Gmail accounts on the phone (multiple Gmail accounts can be added to a single handset under the Accounts menu in Settings).  Will both accounts authenticate using the same codes?
Yes, the Android as well as Blackberry versions of Google's Authenticator app supports multiple accounts.

Press MENU and choose SCAN BARCODE after you've set up your new Google Account for 2-factor auth to grab the displayed barcode or enter details manually.

Details: https://code.google.com/p/google-authenticator/