The Public Accounts Committee (PAC) of the Parliament is one of the most important committees that examines the financial operations of the government. It ensures the proper and efficient use of public funds by scrutinizing the Finance Accounts of the Government of India. Therefore, option 1 is correct.

Option 2 is also correct as the PAC consists of fifteen members who are elected by the Lok Sabha from amongst its members. These members play a crucial role in overseeing the government`s financial performance.

However, option 3 is not correct. The Chairperson of the PAC is not elected by its members. Instead, the Speaker of the Lok Sabha appoints the Chairperson from amongst the members of the Committee. The Chairperson is typically a member from the opposition party to maintain a fair and unbiased approach in the examination of the government`s financial matters.

Option 4 is also correct. If a member of any other Committee constituted by the Government is elected to the PAC, the Speaker of the Lok Sabha decides whether that member should continue to be a member of the former Committee or not.

In summary, options 1, 2, and 4 are correct, but option 3 is incorrect.

Alert - correct answer should be "The Chairperson of the Committee is appointed by the Speaker of