This question may sound stupid for you Americans out there. However, for me as Swiss with a slightly different education system, I am not 100% sure on what information b-schools expect when they ask for transcripts. I understand that they would want to see my grades along with a description on how to decipher them. But do they also expect a copy of the diploma itself? Do I have to add other stuff as well?
If your transcript indicates that you graduated, and when you graduated, then you don't need to submit a diploma. Otherwise, yes you will need to provide proof of graduation.
In the US, transcripts generally indicate a graduation date.