In the USA, a pre-made loop of accessory cord is often called a "cordelette", and sport climbers use them to make belays by weaving them around a bunch of anchors and then tying the bundle of loops in a knot. Don't. Ever. Do. That. Accessory cord is for making prusik knots and footloops. It's for tying up your pet squirrel while you go for a beer.
-Dr. Dave Merchant, Life on a Line, The Underground Rope Rescue Manual