The depolarization coefficients are calculated for multiply scattered linearly and circularly polarized light. For a number of media (aqueous suspension of polystyrene particles, water droplets in air), the calculations are carried out both numerically, with solving the vector radiative transfer equation and analytically, within the polarization mode approximation. In the latter case the depolarization coefficients are expressed explicitly in terms of the scattering and absorption coefficients, and the scattering matrix elements of the medium. The range of applicability of the polarization mode approximation is established. For most practically important cases, this method is shown to provide a satisfactory degree of accuracy. We also find the fundamental values of the depolarization coefficients for a Rayleigh medium.