Yes. The history of commands executed for the users will be stored in the .bash_history file inside the home directory. Also the number of commands to be stored in history can be configured using the H!ISTSIZE property. Some additional useful commands can be found on http://www.unixonthego.com/history-command-with-unix/ website.
Thanks and Regards, Pradeep Kumar
SCJP 1.6, SCWCD 5.0