If you're using Linux, you can use strace to trace system calls used by a process. For example:
~ strace -e fork,vfork,clone,execve -fb execve -o log ./foo.sh
foo bar
~ cat log
4817 execve("./foo.sh", ["./foo.sh"], [/* 42 vars */]) = 0
4817 clone(child_stack=NULL, flags=CLONE_CHILD_CLEARTID|CLONE_CHILD_SETTID|SIGCHLD, child_tidptr=0x7f1bb563b9d0) = 4818
4818 execve("/bin/true", ["/bin/true"], [/* 42 vars */] <detached ...>
4817 --- SIGCHLD {si_signo=SIGCHLD, si_code=CLD_EXITED, si_pid=4818, si_uid=1000, si_status=0, si_utime=0, si_stime=0} ---
4817 clone(child_stack=NULL, flags=CLONE_CHILD_CLEARTID|CLONE_CHILD_SETTID|SIGCHLD, child_tidptr=0x7f1bb563b9d0) = 4819
4817 clone(child_stack=NULL, flags=CLONE_CHILD_CLEARTID|CLONE_CHILD_SETTID|SIGCHLD, child_tidptr=0x7f1bb563b9d0) = 4820
4820 execve("/bin/echo", ["/bin/echo", "foo", "bar"], [/* 42 vars */] <detached ...>
4817 --- SIGCHLD {si_signo=SIGCHLD, si_code=CLD_EXITED, si_pid=4820, si_uid=1000, si_status=0, si_utime=0, si_stime=0} ---
4817 +++ exited with 0 +++
4819 execve("/bin/sleep", ["sleep", "1"], [/* 42 vars */] <detached ...>
You can see that the script forked off three processes (PIDs 4818, 4819, 4820) using the clone(2) system call, and the execve(2) system calls in those forked off processes show the commands executed.
-e fork,vfork,clone,execve limits strace output to these system calls
-f follows child processes
-b execve detaches from a process when the execve is reached, so we don't see further tracing of child processes.
gdb -p PID -batch -ex 'p system("command")'.