RESETreset_option[,reset_option] ...
        The RESET statement is used to
        clear the state of various server operations. You must have the
        RELOAD privilege to execute
        RESET.
      
        RESET acts as a stronger version
        of the FLUSH statement. See
        Section 12.4.6.3, “FLUSH Syntax”.
      
        reset_option can be any of the
        following:
      
            MASTER
          
Deletes all binary logs listed in the index file, resets the binary log index file to be empty, and creates a new binary log file.
            QUERY CACHE
          
Removes all query results from the query cache.
            SLAVE
          
Makes the slave forget its replication position in the master binary logs. Also resets the relay log by deleting any existing relay log files and beginning a new one.

User Comments
Just a word of caution, if you're using replication, then DO NOT use the "RESET MASTER" to consolidate your mysql-bin.00000X files.
This page fails to be explicit about mentioning what this page does, nor is there even a link to this critical information:
http://dev.mysql.com/doc/refman/5.0/en/reset-master.html
The correct command is "PURGE BINARY LOGS"
http://dev.mysql.com/doc/refman/5.0/en/purge-binary-logs.html
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