In this paper we present a study of ac the Constant Photocurrent Measurement (CPM) with the aim to assess the precision of this method compared to the dc CPM. In particular, we introduce a small signal theory of the ac photoconductivity, we relate the sub-bandgap absorption to the density of defects, and we assume a combination of a constant plus a sinusoidal generation rate. The method allows to calculate the variation occurring in defect occupation as a function of the wavelength and intensity of the light, and of the ac test frequency. We show that, in ac condition, carriers lifetime is a complicated function of the chosen parameter, and it is affected by the delay due to charge accumulation of free and trapped carrier densities. Large influence on the lifetime is played not only by recombination, which takes place all along the gap defects included between the two quasi-Fermi levels, but also by the process of carrier trapping and emission by defects located close to the quasi-Fermi levels. Both processes introduce large phase delay. Further information can thus be obtained from CPM by evaluating the phase behavior. Our analysis leads to a new method of evaluation of the dangling bond capture cross section and of their charged-to-neutral capture cross section ratio.