For many research areas in biomedical optics, information about scattering of polarized light in turbid media is of increasing importance. Scattering simulations within this field are mainly performed on the basis of radiative transfer theory. In this study a polarization sensitive Monte Carlo solution of radiative transfer theory is compared to exact Maxwell solutions for all elements of the scattering Müller matrix. Different scatterer volume concentrations are modeled as a multitude of monodisperse nonabsorbing spheres randomly positioned in a cubic simulation volume which is irradiated with monochromatic incident light. For all Müller matrix elements effects due to dependent scattering and multiple scattering are analysed. The results are in overall good agreement between the two methods with deviations related to dependent scattering being prominent for high volume concentrations and high scattering angles.