If it says to knit in the round, you will be making a tube. I guess it ends up being a double thickness. As for slipping the stitch it sounds like you're interpreting it correctly. Can you link to your pattern? That is generally helpful.
Cheating is an option. . . . Cheaters never win and winners never cheat, but smart knitters who want to retain an iota of sanity do, cheerfully. ~~Kory Stamper