BIP?

So, I've seen an abbreviation lately, WIP for Work In Progress. This is the BIP, Bag In Progress. I'm making a Sophie Bag. Well, actually this is a test run bag before I make the real deal for a birthday gift. Since I am having to teach myself several new skills (picking up stitches, i-cording, etc) I thought I should do a test bag for myself first and make sure I can do it right. Here's how it looks so far (I just picked up stiches around the bag bottom & started the circular knitting):