I created a new Guest Account with restrictions and parental Controls but if I am in the guest account and I go to Finder and click on All images or documents it shows all of it..... How can I limit access to that or block it completely?
The most likely culprit is some utility or old step that was taken to change the permissions on your folders. Depending on how this happened, you may have a little or a lot of clean up, but let's verify this is what is happening:
Here are two screenshots of the default permissions for your administrator's home folder as well as the Documents folder within the home folder.
You can edit things by clicking the lock icon, entering an admin user/password and then using the +, - and gear buttons. Don't forget to apply the changes to enclosing folders. Also, getting a little help from Apple or a tech is often needed if many folders have incorrect permissions. The ~/Library and ~/Shared folders have permissions different than most as well as files that are constantly in use so try to stick with Photos or Documents until you're sure you're fixing things appropriately.
That depends on your definition of "all", which in this instance mean "all the files I have permission to see", which will include anything in shared folders like applications, certain library areas etc
You should only worry if it can see files that are supposed to remain specific to a set user. If you have a fair amount of programs installed, you will have all sorts of example images (for, er, example!) and so on strewn in loads of folders that all users including guests will have access to. This access is required, or a guest user would only have permission to log out, and not use any of the apps etc.
Go back and check the files, if required make one called ZZZ in a normal users home folder somewhere, then use the guest account and check you can (or cannnot) see it. Even if you can see it, check if you can or cannot open it, modify it or delete it. If any of these is still the case, then modify your question to clarify it, if you can;t see it and it's just a large amount of shared files for all users, then you should be good to go.