Oh so motor is the one using current!
Correct, the rotor moves as a result of the magnetic force acting on the current flowing through the coil.
Whereas a generator has a current induced in it.
Is it ok to think that slip ring leaves the current as it is (AC) and DC reverses the negative current
The slip rings dont really do much so yes you can just think they leave the current as is.
What they exactly do is allow the induced current to flow out into an external circuit, because the coil rotates in a circle, you need some kind of a ring so it has a constant conducting path. ( imagine what would happen if you just connected the coil to wires... they would just tangle up heaps). At least.. thats the way i view it.
And yea the split rings just ensure the current is always flowing in a constant direction.