This paper presents the viscoelastic model for the Ashcroft-Langreth dynamic structure factors of liquid binary mixtures. We also provide expressions for the Bhatia-Thornton dynamic structure factors and, within these expressions, show how the model reproduces both the dynamic and the self-dynamic structure factors corresponding to a one-component system in the appropriate limits (pseudobinary system or zero concentration of one component). In particular we analyze the behavior of the concentration-concentration dynamic structure factor and longitudinal current, and their corresponding counterparts in the one-component limit, namely, the self dynamic structure factor and self longitudinal current. The results for several lithium alloys with different ordering tendencies are compared with computer simulations data, leading to a good qualitative agreement, and showing the natural appearance in the model of the fast sound phenomenon.