the PC123Y11 is basically an LED and a light sensitive transistor stuck in a package. there really isn't a foolproof way of being sure it's still good other than replacing it.... you can get a general idea if it's still operational though.
pin 1 (closest to dot marked on package is the anode place your positive power here)
below that is pin 2, (the cathode. place the negitive here)
use a power supply of about 5 volts DC. 500 milliamps. to power the led
place a volt meter on resistance test and measure between pin 3 and pin 4, as you apply and remove the voltage to pins 1 and 2, you should notice a drop and rise in resistance because the light from the LED inside is allowing current to flow through the transistor portion of the chip. if there is no change, likely it's bad. for the small amount the chip costs, it may be just as easy to just replace it and know 100%.