Final answer:
The statements about the Public Accounts Committee that are correct are that a minister cannot be elected as a member (statement 1) and the members are elected by the Parliament every year according to the principle of proportional representation by means of the single transferable vote (statement 4).
Step-by-step explanation:
The Public Accounts Committee is b) 1 and 4 only. Statement 1 is correct; a minister cannot be elected as a member of the committee to ensure there is non-partisanship and governmental accountability.
Statement 2 is incorrect because the Rajya Sabha (the upper house of India's Parliament) does have representation in the committee. Statement 3 is incorrect; it is not the largest committee in terms of the number of members.
However, statement 4 is correct; members of the committee are indeed elected by the Parliament every year from amongst its members according to the principle of proportional representation by means of the single transferable vote.