development:
  adapter: mysql
  encoding: utf8
  database: acct_management_development
  username: root
  password:
  socket: /etc/my.cnf

# Warning: The database defined as "test" will be erased and
# re-generated from your development database when you run "rake".
# Do not set this db to the same as development or production.
test:
  adapter: mysql
  encoding: utf8
  database: acct_management_test
  username: root
  password:
  socket: /etc/my.cnf

production:
  adapter: mysql
  encoding: utf8
  database: acct_management_production
  username: root
  password:
  socket: /etc/my.cnf

[localhost acct_management]# rake db:create
(in /var/www/rails/acct_management)

Couldn't create database for {"socket"=>"/etc/my.cnf", "encoding"=>"utf8", "username"=>"root", "adapter"=>"mysql", "password"=>nil, "database"=>"acct_management_development"}, charset: utf8, collation: utf8_general_ci (if you set the charset manually, make sure you have a matching collation)