In this Letter, we theoretically describe photoacoustic signal generation of molecules, for which triplet relaxation can be neglected, by considering the excited state lifetime, the fluorescence quantum yield, and the fast vibrational relaxation. We show that the phase response of the photoacoustic signal can be exploited to determine the excited state lifetime of dark molecules. For fluorescent molecules, the phase response can be used to determine the fluorescence quantum yield directly without the need of reference samples.