The correct statement regarding the Public Accounts Committee is option 1: It consists of fifteen members from Lok Sabha and seven members from Rajya Sabha.

The Public Accounts Committee (PAC) is a parliamentary committee constituted to examine the accounts and financial transactions of the government. It is one of the oldest and most important committees in the Indian Parliament.

Option 2 is incorrect because it states that the PAC consists of twenty members from Lok Sabha and ten members from Rajya Sabha, which is not true.

Option 3 is not correct because the term of the members of the Public Accounts Committee is not five years. The term of the members is generally one year, which is the duration of a session of the parliament.

Option 4 is also incorrect because the Finance Minister is not the Chairperson of the Public Accounts Committee. The Chairman of the Committee is elected by its members from amongst themselves.

In conclusion, option 1 is the correct statement as it accurately describes the composition of the Public Accounts Committee with fifteen members from Lok Sabha and seven members from Rajya Sabha.